A recent blog identified that 14,616 students at Historically Black Colleges and Universities (HBCUs) were denied Direct PLUS loans for the fall 2012 academic year, and were unable to return to school. The five schools hit hardest (and the number of students affected) were:
1. North Carolina Central University (NC): 609
2. Howard University (DC): 607
3. Florida A&M University (FL): 569
4. Prairie View A&M (TX): 528
5. Grambling State University (LA): 523
This news hits home for a number of reasons. First, as a third-generation HBCU alum, I understand and appreciate the significant role these institutions play in preparing African-American students for careers and life. Second, as a Howard University professor, I witness daily the financial struggles that some students maintain in order to pursue a college education. Tuition alone is approximately $35,000. That's a lot of money for any student.
The final reason this hits home is because I also know, as a college professor, how many students (and parents) fail to exhaust all financial aid opportunities available. Let me further clarify, they fail to exhaust all non-repayment forms of financial aid opportunities available. These include scholarships, grants, and work study opportunities.
During students' senior year of high school, many are overwhelmed with the college admissions process, completing high school, graduation, prom, and other activities, that financial aid becomes an overlooked part of the process that is placed on the back burner. Once acceptance letters arrive, students don't pay attention to the fact that they must submit the FAFSA (and early), parents must complete taxes, and they must NOW search for FREE financial aid (those requiring no repayment). Others unfortunately don't want to write any more essays, so they forfeit applying to scholarships and grants to avoid the extra work. This extra work could easily save you thousands of dollars.
Once they arrive at the university, students have this same mindset when it comes to financial aid. They won't apply to opportunities, because they don't want to complete the application and write an essay. I know this all too well. I have several scholarship opportunities currently for all classifications.
Scholarship 1: Freshmen in the School of Engineering can receive $4000-$8000 per year, for their first two years. There is no GPA requirement, and the only requirements are monthly progress reports and meetings. While 90% of the freshmen need financial assistance, we received, on average 5 unsolicited applications for 15 slots per year.
Scholarship 2: Junior computer science majors can receive $10,000 per year in scholarship PLUS $7200 per year in 9-month stipend to do research in emergency preparedness. I had three slots available in years 1 and 2. Only 1 applied in year 1, and out of the 3 applicants in year 2, only 1 was selected to participate.
What's wrong with this picture?????
The truth is, there is definitely a financial aid crisis in this country. The number of students qualifying for and needing financial assistance continues to increase. Just look at the increase in the number of Pell Grant-eligible students. However, the availability of these opportunities continues to shrink. Students must exhaust opportunities that are available. They not only help them financially, but also academically and professionally. If students choose to major in science, technology, engineering, and math (STEM), ESPECIALLY African-American students AND at HBCUs, then there is really no excuse for not finding financial aid in some form.
Through my books and workshops, I ALWAYS stress to students and parents to exhaust non-repayment options first. Student loans should be a last resort. The referenced blog above is a perfect example of why. As these opportunities continue to decline, students and families will be forced to make some hard decisions. Don't make these harder than they have to be.
For more information on financial aid options, refer to my website, as well as books, Prepped for Success: What Every Parent Should Know About the College Application Process, and Stay Prepped: 10 Steps to Succeeding in College (And Having a Ball Doing It). Both provide a wealth of resources on finding and winning financial aid, whether you are a high-school senior or current undergraduate.
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