2008 Woodie Awards
A look into student finances and struggles
James Thatcher
Issue date: 5/27/08 Section: Features
With the economy slowing down, private student loans are getting harder to come by and many students are looking to the government for help with college expenses.
"I work full time," said nursing student Alina Etcard, 20. Even then, she said, she is sometimes unable to meet monthly expenses. In that case, "I usually put it on my credit card."
She is not alone. Increasing numbers of college students are facing difficulties funding their education. Some turn to their parents for help and, in the past, many have been able to secure private loans. But for most, the most affordable choice is federally sponsored financial aid.
"I get financial aid," said Moe Edais, 20, an administration of justice major, "That's the only reason I'm here, actually. I went to Student Aid and filled out a bunch of papers. They helped out a lot." Edais helps out his father at the family store, but almost all the money for his college expenses comes from his student grant.
The most common federally guaranteed loans for students are Stafford, and Plus loans for parents. CSM Director of Financial Aid Claudia Menjivar explained that Stafford loan payments are deferred until six months after graduation. Graduate students can apply for a Grad Plus loan. These direct loans are managed by the Federal Student Aid, or FSA program. The only reason a student might be denied such a loan, according to Menjivar, is for poor academic performance. If a student already has a large amount of debt, he or she can still qualify.
Brandon Becerra, 21, a theater and Physical Education major, applied and received a Free Application for Federal Student Aid (FAFSA), which can be done via the government's website.
"I just went into the financial aid office and applied, and I qualified," said Becerra. "It actually helps out a lot because my mom's paying for a lot and my dad's paying for a lot, and this just helps me get through college faster."
Private loans are another solution for students looking for education financing, though Menjivar said, "We don't participate with private loans. We'll work with the student's loan so the government pays the interest… The government will deal with the lender through the student. If the students go to the bank and get a loan, that's a different thing. They charge higher interest and they don't have limitations."
"I work full time," said nursing student Alina Etcard, 20. Even then, she said, she is sometimes unable to meet monthly expenses. In that case, "I usually put it on my credit card."
She is not alone. Increasing numbers of college students are facing difficulties funding their education. Some turn to their parents for help and, in the past, many have been able to secure private loans. But for most, the most affordable choice is federally sponsored financial aid.
"I get financial aid," said Moe Edais, 20, an administration of justice major, "That's the only reason I'm here, actually. I went to Student Aid and filled out a bunch of papers. They helped out a lot." Edais helps out his father at the family store, but almost all the money for his college expenses comes from his student grant.
The most common federally guaranteed loans for students are Stafford, and Plus loans for parents. CSM Director of Financial Aid Claudia Menjivar explained that Stafford loan payments are deferred until six months after graduation. Graduate students can apply for a Grad Plus loan. These direct loans are managed by the Federal Student Aid, or FSA program. The only reason a student might be denied such a loan, according to Menjivar, is for poor academic performance. If a student already has a large amount of debt, he or she can still qualify.
Brandon Becerra, 21, a theater and Physical Education major, applied and received a Free Application for Federal Student Aid (FAFSA), which can be done via the government's website.
"I just went into the financial aid office and applied, and I qualified," said Becerra. "It actually helps out a lot because my mom's paying for a lot and my dad's paying for a lot, and this just helps me get through college faster."
Private loans are another solution for students looking for education financing, though Menjivar said, "We don't participate with private loans. We'll work with the student's loan so the government pays the interest… The government will deal with the lender through the student. If the students go to the bank and get a loan, that's a different thing. They charge higher interest and they don't have limitations."
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