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Financial Aid April 1, 2007

Posted by wilson7 in Business-Society Issues, Education.
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Room & board and tuition continue to rise at all schools every year. This is making it extremely difficult for many families that are not financially stable to send their children to some of the elite institution in the country. However, several of the top institutions in the country are making it easier for lower income families to send their children to school. Some of the most highly ranked schools in the United States will eliminate student loans from its financial aid packages. Instead, it will provide all its student aid in the form of grants and work study programs. Harvard does not ask families with incomes under $60,000 to contribute anything toward their child’s education, and reduces the expected family contribution (EFC) for families making $60,000 to $80,000. This will allow several qualified students who would normally not be able to afford to go to school, to attend these institutions. Several individuals graduate from college with thousands of dollars in debt, do you think this is a solution for low income families?

Bucknell University

2006-07 tuition: $36,002

Increase from last year: 9.8%  Avg 2006-07 in-state tuition,
4-year public school: $5,836Avg 2006-07 out-of-state tuition,
4-year public school: $15,783Avg 2006-07 tuition,
4-year private school: $22,218 
http://money.cnn.com/popups/2006/news/expensive_colleges/6.html

 What do you think about what some of these institution are doing? Do you think that Bucknell should implement this financial aid package? If so then how many of these scholarships should they give out a year?

 

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Comments»

1. Stephanie - April 2, 2007

I understand the importance and the value of an education, but the prices associated do not seem necessary. I have loved all four years at Bucknell and in comparison to the 3 highly prestigious schools my three older sisters went, Bucknell has surpassed them in many important features such as athletic facilities, quality of food, resources for students and general upkeep of the university. However there are definitely places where money could easy be saved without ruining a reputation of high quality and excellence. For instance, ice sculptures in the cafeteria for themed nights – not necessary in the slightest bit. Sometimes I am amazed at how freely money is used on some very frivolous things that don’t even benefit by the Bucknell/Lewisburg community with any addition of employees.

2. Elaine - April 3, 2007

I feel it is ridiculous that Bucknell increased tuition by almost 10%, which is much higher than most other colleges of our caliber. Bucknell should not be so costly, especially considering our location. We are not located in a demanding area where price is rising. We are in the middle of nowhere, and hence, pricing should be cheaper. Bucknell spends money on unnecessary things (such as the ice sculpture that Stephanie mentioned). I thought the same thing when I first saw that we celebrate the beginning of each month with a table length sized cake. There are so many organizations that we could’ve donated our spendings to, or use that money to enlarge the financial aid pool. And for the kids without financial aid, this constant increase in tuition is having an even more detrimental effect. It seems like it’ll take forever to pay back over $100,000.

3. Lady - April 4, 2007

I also believe that Bucknell could be doing more to increase their financial aid package and I know that they have made some changes. When I first came to Bucknell, I learned that they were reducing my Bucknell scholarship as I received outside scholarships. This reduction only made life harder for me because I still had to find a way to “make ends meet”. After raising the issue with the financial aid office, I was able to convince them to change their policy. I knew that Bucknell University had tons of money waiting to be spent. I believed that they should be more willing to assist me with my financial needs so that I could continue to be a productive and successful student. I’m sure that some changes can be made if they are pressured enough. But in regards to raising tuition every year, I think this will continue just because there are students (well, parents of students) who can afford it and are willing to pay it. Bucknell is a business too when you think about it.

4. Charley S - April 5, 2007

One of the primary reasons that Bucknell tuition is higher than the Ivy’s is because we have a endowment of only 500 million, compared to institutions like Harvard that have about 5 billion. The way these work is that money is invested in the stock market, and the interest gained each year is used to help offest tuition and do other stuff. We just don’t have the amount of income each year that some of these places do, which is why President Mitchell is trying to grow the endowment and is constantly out trying to raise money. Personally, the military pays for everything for me, but if they wern’t then the odds of me going to Bucknell would have been slim to none.

5. Abby - April 8, 2007

One of the points in President Mitchell’s Plan is to improve Bucknell’s endowment, so that we may improve our financial aid packages. Some may not realize that, in fact, Bucknell does work to help students from varying backgrounds. The POSSE program is one, and another aids promising International Students to gain a college education which their families, and even sponsorship from their countries may not be able to afford.
Just a note: Princeton, an Ivy League is, in fact, planning to freeze their tuition next year. No increases at all.


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