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Economic crisis concerns students
by Alyssa Dandrea
Exchange Staff
One hundred seven people gathered in Pierce Hall Monday evening as the Honors Seminar and the New England Center for Civic Life (NECCL) co-sponsored "The American Dream: Financing an Education during an Economic Crisis," a panel discussion.
Seven panelists provided context for the financial crisis, advised students on dealing with current and future economic challenges, and answered questions from students. A representative from Student Financial Services (SFS), Admissions, Citizens Bank, New Hampshire Higher Education Assistance Foundation (NHHEAF), and three Franklin Pierce professors made up the panel.
According to Joni Doherty, Director of the NECCL, "The panel was organized by six students, [Heather Brown, Melissa Dymek, Jacob Pelletier, Kaitlin Taylor, Erica Tomaszewski, and Kristin Tormollan] who believed it was important to have a public conversation about the financial crisis."
In past years, the American Dream panel focused on immigration. Freshman Jacob Pelletier said, "The financial crisis was at its height around the time we started discussing the panel, and we were all worried about the potential implications."
Pelletier said he has been directly affected by the current credit environment. "Wachovia, a company that failed, provides my student loans. I am not even sure if I will be in school next semester as a result."
Professor Molly Haas, who attended the panel, said she would "hate" to see her students have to attend another college because of financial strain. "One of my students said she has heard other people talking about not coming back to Pierce sophomore year and attending a community college closer to home."
During the panel, Jed Donelan, Professor of Philosophy and Humanities, discussed the ethical implications. Donelan said the issue confronting students is how to balance the opportunity for higher education with a secure financial future.
"Loans are going to be harder to come by," said Donelan. "It is bad for Franklin Pierce. It is bad for all of us."
Many students are now being required to "prioritize their decision-making" due to financial restraints, said Donelan. "The number of students looking to take advantage of study abroad programs is down."
But according to Kenneth Ferreira, Executive Director of SFS, "Federal student loans have been guaranteed for 2008-2009 and 2009-2010. Students should not worry."
On Monday evening, however, students showed their concern. About half of those in attendance raised their hand when History Professor Doug Ley asked if they feared being able to pay for a university education. The majority said they were worried about the current state of the economy.
Freshman Heather Brown said, "I think everyone is concerned about costs and the prospect of a possible recession. It's a scary thought, especially since our grandparents lived through the Great Depression."
Ley said, "It is an age of uncertainty in which we live in right now." However, he said, "For all the bubbles that burst…recovery follows."
Tori Berube, representative of NHHEAF, and Ferreira advised students to plan early. "Students should borrow the equivalent of what they expect to be their first year's salary and no more," said Berube.
Panelists agreed that private loans should be a last resort for students.
Donna Shelby, Vice President and Northeast Regional Sales Manager for Citizens Bank, said borrowing has become increasingly difficult. "Because several lenders have decided to exit the market, there has been a rush," she said.
Berube said companies offering private lending have decreased from "about fifty to eight or ten."
In regards to paying for a degree, Professor Melinda Jette said it is important for students to define their professional goals. Jette said every student must ask him or herself "what are you willing to sacrifice" for a college education.
Linda Quimby, Director of Admissions, said online courses, community colleges, and other options may need to be considered depending on the individual's financial situation.
According to Ferreira, New Hampshire ranks second in the country for students graduating college with the greatest amount of debt.
Students interested in applying for outside scholarships can go to www.fastweb.com. New Hampshire residents can also visit www.nhseo.biz and www.nhcf.org.
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Photo by Alyssa Dandrea
Photo by Alyssa Dandrea |
