Financial Pressure on Today’s College Students Sarah Boeckmann Andrew Nash Heather Stitely

Financial Pressure on College Students Need based vs. merit based financial aid Higher enrollment Aid as leverage Higher enrollment is making there less money available to individual students, they have to search for it

Current Research Perceptions Reality Students working Florida’s ranking Tuition prices

Student Aid and Nonfederal Loans per FTE Undergraduate Student over Time Source: CollegeBoard Trends in Pricing Report, 2013

Effects of Employment on Full-Time College Students’ Grades by number of Hours Worked per Week Source: The State PIRGs’ Higher Education Project, http://www.pirg.org/highered

Why is this an issue? Students choosing work over loans Affects all aspects of student life and wellness Influences retention and academic success Limits co-curricular involvement Impacts overall college experience

Interview David Kenton, Associate Director Care Office Abundance of financial aid CARE students Residence Hall Collaboration between HS guidance counselors and university staff Loans, dropping classes vs paying back scholarships, family issues

Best Practices Increasing accountability regarding money awarded to students Financial aid counselors, success coaches Need based financial aid Allocating money—who gets it? How do they regulate it? Giving money to higher achieving students; neediest students “getting squeezed” and having to go to community college after being accepted into the university; universities taking responsibility for money; award more money so students can take the proper number of credit hours; make students accountable for money they are awarded

Suggestions Need based financial aid 30 more spots in CARE Allowing CARE benefits for all students Success coaching for all students, trained success coaches in different departments across campus Overall awareness for Student Affairs professionals Living Learning Communities that do not require meal plan Connections between HS guidance counselors and parents

References CollegeBoard. (2012). Trends in college pricing 2012. Retrieved from http://trends.collegeboard.org/sites/default/files/college-pricing-2012-full-report.pdf CollegeBoard. (2013). Trends in college pricing 2013. Retrieved from http://trends.collegeboard.org/sites/default/files/college-pricing-2013-full-report.pdf CollegeBoard. (2013). Trends in student aid 2013. Retrieved from http://trends.collegeboard.org/sites/default/files/student-aid-2013-full-report.pdf Diaz, M., Guo, Y.-J., Johnson, V., & Wang, S.-C. (2011). College students' stress under current economic downturn. College Student Journal, 45(3), 536-543. Gillin, Joshua. (2012 February). Florida ranks 45th in the nation for tuition costs, Denise Grimsley says. Retrieved from http://www.politifact.com/florida/statements/2012/feb/27/denise-grimsley/florida-ranks- 45th-nation-tuition-costs-denise-gri/ King, T., Bannon, E. (2002 April). At What Cost? The Price That Working Students Pay For A College Education. Retrieved from http://www.pirg.org/highered/atwhatcost4_16_02.pdf Lipka, S. (2012, August). As typical student changes, so do worries about costs. The Chronicle of Higher Education. Retrieved from www.chronicle.com

References continued Marcus, J. (2013, August 3). States tightening college aid rules. The Charleston Gazette. Retrieved from http://www.wvgazette.com Marklein, M. B. (2013, August 20). Students get financial aid at highest rate since WWII. USA Today. Retrieved from http://www.usatoday.com Murray, C. (2013). Social support: main and moderating effects on the relation between financial stress and adjustment among college students with disabilities. Social psychology of education, 16(2), 277-295.doi:10.1007/s11218- 012-9204-4 Vogel, M. (2013, June). Partnership friction: Private and community colleges offer four-year degrees. Florida Trend. Retrieved from http://www.floridatrend.com/article/15702/partnership-friction Wang, M. (2013, September). Public colleges’ quest for revenue and prestige squeezes needy students. The Chronicle of Higher Education. Retrieved from www.chronicle.com