 Colleges and financial aid
April 2, 2004 By Pamela Crosby* NASHVILLE,
Tenn. (UMNS)--When considering the price of higher education, it always
pays to remember that most colleges have several kinds of student aid
available. At United Methodist-related colleges, from 35 percent to 90 percent of the students receive some form of financial aid. The
price for tuition listed in college catalogs and on the Internet is
rarely what students and parents pay. It's important no one assume that
the sticker price is final. Only
8 percent of students enrolled in four-year institutions pay full
tuition charges of $24,000 per year, according to the American Council
on Education. About 29 percent attend institutions charging less than
$4,000, and almost 70 percent face tuition charges of less than $8,000. On an average, students at most public and private schools graduate with approximately $20,000 in debt. Institutional aid (grants, scholarships, work-study opportunities, and loans) brings down the price of higher education. Taking
into consideration grant aid and adjustments for inflation, the average
tuition paid at private colleges has actually declined over the past
decade, according to the American Council on Education. An
earlier graduation rate (graduating in four years or less) lowers the
cost. Cutting down the time spent in college doubles the benefit of
finishing early. Planning
ahead for college increases the chances of having a lower debt. When
planning ahead, college and university officials suggest remembering the
following definitions: ·
Cost: the amount institutions spend to provide education and related
education services to students (measured through expenditures) ·
Price: the amount students and their families are charged and what they
pay for educational services. Prices differ, depending on what is
included. · Sticker price: The tuition and fees that institutions charge. ·
Price of attendance: The tuition and fees (sticker price) that
institutions charge students, plus other expenses related to their
education. These expenses may include housing (room and board if the
student lives on campus, or rent or related housing costs if the student
does not live on campus), books, and transportation. This term is often
referred to as the "cost of attendance." · Net price: The amount students and their families pay after financial aid is subtracted from the total price of attendance. Krista
Gray, a pre-pharmacy student at United Methodist-related Shenandoah
University, Winchester, Va., said because of the large numbers of people
trying to get money for college, "it is impossible for everyone to get
help." She suggests that prospective college students and current
students "check out local organizations for scholarships, apply for
every scholarship possible in hopes that you at least will get a couple
of them. This way everyone will have an opportunity to pay for the
education they want." The
123 United Methodist-related schools, colleges and seminaries serve
United Methodist students and their families through generous
scholarship programs. The United Methodist Loans and Scholarships
programs, the United Methodist Foundation for Christian Higher Education
scholarships, the Black College Fund apportionment, and United
Methodist Student Day Offering are among the opportunities awaiting
students. In
2001, scholarships were granted to 4,186 students; in 2002, 4,190
students received scholarships; and as of July 8, 2003, 2,245 students
had received scholarships Scholarship figures are based on the academic year. In
2001, the Office of Loans and Scholarships granted loans to 1,334
students; in 2002, 756 students; and as of June 30, 2003, 401 students. News media can contact Linda Green at (615) 742-5470 or newsdesk@umcom.org.
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