Student-aid cap devastating

The stated mission of the State Student Assistance Commission of Indiana is to make college affordable for all Indiana students. Yet recently, the commission announced a 31 percent reduction in state financial aid for Indiana students. Something doesn’t match up here.

I’m a senior communication studies major at Manchester College, a private liberal arts college in northern Indiana. The financial aid I receive from the state is crucial to my ability to attend college.

I am the first person in my family to attend college. Because both of my parents have low-income jobs and poor credit histories, I’m left with paying the remainder of the tuition, housing and fees that my financial aid doesn’t cover. While I receive wonderful support from my family, they simply can’t afford to pay my college expenses.

For three consecutive summers, I have labored in construction, a factory and a steel mill to pay for my college expenses. Because I must pay my own way, I am making every dollar count: I am consistently on the dean’s list; I’ve already completed three internships; and I’ve been a member of the wrestling team and several organizations and clubs. And during the school year, I hold a campus job.

I am already borrowing the maximum amount allowed in government loans, which still doesn’t come close to covering all my expenses. This means I have to seek out alternative loans. Because both my parents earn a low income and have poor credit histories, they are unable to co-sign a private education loan for me.

Fortunately, I convinced a dear relative to co-sign the loan, putting tremendous pressure on that person, who is retired and on a fixed income. What about students who can’t find someone to co-sign a loan?

Other students I know face a similar dilemma. I don’t have any statistics, but I’m guessing a lot of people reading this can relate. Many students who qualify for SSACI funding have parents or guardians unable to co-sign a loan because of their own financial troubles.

And what happens when students do find someone to co-sign a private education loan (which has a sky-high variable interest rate)? The students will graduate from college buried knee-deep in debt and often must begin payments within six months of graduating. It’s difficult to begin payments while looking for a job at a time when almost 15 million people have lost their jobs.

As a 21st Century Scholar and recipient of need-based Frank O’Bannon Grants, I have been dealt a serious blow by the decision to reduce the caps on financial aid. The SSACI Commission has decided to reduce individual state aid because of a dramatic increase in applicants for state aid this year. This means less money per student coupled with higher tuition rates. In essence, the SSACI is making college less affordable to all Indiana students, contradicting its very mission.

I just received my fall tuition bill, and not surprisingly, the amount I owe after financial aid is more than last year – much more. I lost more than $3,400 in state aid this year as did thousands of other Indiana students. So now what do I do?

Hopefully, the money I earn from my summer job will pay my fall school bill, but what about my spring bill? It’s either drop out of school or take out another loan, thus tacking on more debt.

I often hear students talk about packing on the “Freshman Fifteen” extra pounds, but I think students should be more worried about packing on the “Four-Year Financial” pounds, which are far more depressing.


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