University Business - October 2011 - (Page 45)

Students at Columbia College Chicago and elsewhere who choose academic programs such as photography must be prepared to purchase equipment. for it, and that starting salaries would be high enough to cover loan payments. That math has changed, and families need to consider the costs of college at the time of application. They need admissions officers to give them guidance. “Over the past few years, families are more interested and aware of the financial aid process. In the past, they just figured that it would all work out,” says Murphy Monroe, executive director of admissions at Columbia College Chicago. The financial aid calculation for the traditional undergraduate assumes that the parents will be paying some of the bills, and the resulting recommended debt level should be in line with a typical starting salary for a college graduate. The problem is that many families cannot or will not meet that expected contribution. Some have been overspending or have not saved enough for retirement, while others simply believe education should be entirely the student’s responsibility. Parents can borrow money through the federal Direct PLUS Loan program, and some do with the expectation that their children will repay them. Other students borrow additional funds from private lenders. In either case, students end up with more debt than may be feasible so they can attend their dream colleges. “These are the students we pay attention to,” says Eileen O’Leary, assistant vice president of student financial services at Stonehill College (Mass.), a Catholic liberal arts institution. universitybusiness.com Sometimes families who appear able to contribute to their children’s education choose not to. In those cases, financial aid officers there have sometimes told students to consider going elsewhere. For example, if an applicant facing a heavy debt load is planning to go into a field that requires a master’s degree and that does not pay well, it may be better for that person to attend a less-expensive university. O’Leary and her colleagues are willing to have that conversation, as painful as it may be. Similar talks have taken place at Columbia College Chicago, a private arts college. Its admissions program helps attract students who love the arts but did not have high school programs that let them build portfolios or train for conservatory work. It’s a dream opportunity for many creative kids. But the reality is that the equipment and facilities needed for arts education don’t come cheap, and most people going into film production, dance performance, or creative writing will not have high starting salaries. They are unlikely to handle repayment of high student loans even in a good economy. On occasion, Monroe has advised applicants not to go to Columbia, at least not straight out of high school. In recent years, many Columbia graduates started their education at lower-cost institutions, such as state universities and community colleges. “This fall, we’ll enroll approximately 3,500 new students, and approximately 2,300 will be freshmen,” Monroe October 2011 | 45 http://www.universitybusiness.com

Table of Contents for the Digital Edition of University Business - October 2011

University Business - October 2011
Contents
Editor's Note
College Index
Ad Index
Behind the News
Sense of Place
Viewpoint
Human Resources
Cloud Email
Tuition Setting
Campus CFO
Independent Outlook
End Note

University Business - October 2011