A Fast One on Financial Aid
Story by Whitley Kemble
Where secure job opportunities once stood, today’s economic uncertainty has left students wondering whether bills will be all that’s waiting for them after graduation. Recent cuts to state- and nationwide financial aid programs have left current students trapped in a financial aid nightmare, unable to pay for classes they’re already attending and for residence halls they’re already living in.
When Jordan Albright, a first-year Iowa State University student, first heard about Iowa’s plans to cut back on state-funded financial aid, he questioned whether he could continue to attend ISU. Apart from a scholarship and the federal Pell Grant he receives, Albright also relies on loans to fund his education. “In the position I’m in, it’s kind of upsetting,” Albright says. “The only reason I’m able to go to school is because I can get loans. If I weren’t able to get those, there’s no way I could pay for it.”
This isn’t an unusual story. Legislators cut over $330 million from educational funding this year, and a good chunk of that goes to financial aid. “Even at the private college level, those students who are highest at risk are those students who most need a college education, and just simply can’t afford to get one,” says Gary Steinke, president of the Iowa Association of Independent Colleges and Universities.
As the budgets are being cut, school administrators are being asked to provide the same or better services. One of the most effective ways for schools to meet these demands is to increase tuition. But the 16,000 students who rely on Iowa Tuition Grants each year are not entirely out of luck. Legislators and university administrators are working to continue providing affordable education to students across the state and the nation. “We’re working hard every year to increase the Tuition Grant program, and I think this year we’ll see an increase,” Steinke says. “I don’t know how much it will increase, but legislators by and large are very supportive.”
Universities across the country have also taken measures to cut operation costs—reducing future retirement funds, encouraging staff members to retire early, asking employees to take four or more days without pay. At ISU, staff efforts to cut back, along with an increase in spring tuition, have added up to $12 million in savings. The remaining $12.5 million in cuts involved eliminating unfilled positions, redistributing funds, and reducing program funding. University administrators have also discussed increasing class sizes and cutting less popular programs.
In a country where college degrees and financial aid go hand in hand, what’s going to happen when the money runs out? For now Albright and his friends try to laugh about it, cracking jokes about the amount of debt they’re in. And in the end, he hopes the financial struggles he’s facing will all be worthwhile. “If I really want to continue going to school, which I do, I’ll find a way,” Albright says. “I’m worried, but not intimidated.”
