May 22, 2008
“Will there be trouble securing a loan? How do you compare aid
packages? What is this thing called need, anyway?”
Those are some of the questions to which parents of
college-bound students need answers, said editors at The New
York Times online edition. And so they invited five
financial aid experts at universities around the nation to respond
to questions emailed by parents over a weekend in April.
St. John’s University Associate Vice President Jorge Rodriguez
was one of the experts selected by the Times to respond to
the parents’ queries. He was joined by representatives from
Harvard, Yale, UCLA and SUNY Buffalo.
“The questions the parents emailed were farmed out to us by the
Times,” Vice President Rodriguez says.”
Over that weekend, about 3 dozen questions and answers were
included in the online forum. They ranged from how to prepare
financially for your student’s college education, how is income
defined, and how financial aid is calculated, to students’ money
vs. parents’ money, and how divorce and remarriage affect the
equation, if at all.
One of the questions the St. John’s associate vice president was
asked was whether it’s appropriate to appeal for additional funds
once a financial aid package has been offered. His reply was a
definite yes.
“You can certainly ask a college to review any grants or
scholarships they offered of their own money,” he answered.
“Financial Aid offices are generally not aware of what
institutional aid other colleges are offering, so tell the college
of your choice what you have been offered. Sometimes circumstances
warrant an increase and they are able to offer you additional
financial aid.”
He also warns that students and parents should “always look at
the bottom line” when considering which financial aid package to
accept. As an example, he suggests that one college with a tuition
of $30,000 might offer $10,000 in grants for a 33 percent discount
but another school that costs $20,000 offers $7,000 in grants.
Although the first college’s discount is larger, you’re still
paying more tuition ($20,000) than if you accept the package from
the second school and pay less tuition ($13,000).
“The amount of free aid is important, but you need to
compare the actual cost to you. A college may offer higher grant
amounts because it is more expensive. You may not be receiving the
best offer in the form of a discount.”
Responding to the question about aid based on merit submitted by
a divorced father whose spouse refused to complete the Fafsa (Free
Application for Federal Student Aid) and C.S.S. Profile (College
Board) applications, Rodriguez had some good news: “Merit aid is
usually based on a student’s academic record, and so doesn’t
require the Fafsa. But some federal aid, including the unsubsidized
Stafford and PLUS loans, which are low interest, are [also]
available regardless of need.” He also advises, “You don’t want to
exclude yourself from any form of aid. Even if you think your
income is too high, complete the Fafsa at www.fafsa.ed.gov/.”
Asked if there was a question he felt should have been asked but
wasn’t, the St. John’s Financial Aid expert replies quickly. “I
suspect that most of the parents logged onto the New York Times on
a weekend did not think that they were needy. At St. John’s, more
than 46 percent of the students come from families with an annual
income of under $50,000, so many of the questions asked and
reported on the Times’ website aren’t questions that we at
St. John’s hear. The truly needy ask, “what do colleges offer, can
I really afford college?”
What question would he have liked to answer? There are probably
a few, he says, but the one that came quickly to his mind was
“ My income is about $50,000, what are possible financial aid
opportunities, and do colleges have financial aid funds to award
families with my income?”
And his answer to that question:
“At St. John's University, you are not alone. In fact, over 46.4
percent of our undergraduates have a family income of $50,000 or
less. And to help such families, in addition to your eligibility
for possible federal aid, and state (if you are New York State
resident) aid, St. John’s also offers generous financial aid awards
in the form of scholarships and grants.
“In fact,” he continues, “last year St. John’s awarded over $129
million to its students. Over 95 percent of our entering class
received some form of financial assistance. We attempt to assist as
many of our needy students as possible, not only by offering
academically based scholarships, but also by offering them
need-based grants.”
Rodriguez reminds students applying to St. John’s that it’s
important to file the Free Application for Federal Student Aid, as
early as possible. (At St. John’s this is the only application
needed to qualify for financial aid). With this application, you
will be reviewed for federal, state and University assistance.
To view the complete “College and Money: Ask the Expert”
Q&A, go to:
http://questions.blogs.nytimes.com/2008/04/19/college-and-money-ask-the-expert/