Page 88 - mcdanielfreepress2009-10

McDaniel Increases Changes Made to Stafford Loans Tuition Almost $2000 EMMA SIMON Staff Reporter The tuition increase, registration, room and board for next year, MEGAN RO~INsON school's income comes from tuition, room, and board. The books.class fees ... Co News Editor remainder comes from donations, the endowment, and stare These are JUSta few of many reasons why it is extremely Impor- funding. cane to pay close attention to the financial aid process. Some scudenes are quesrioning the decision ro raise tuition, Along with a modest increase in McDaniel's tuition for the up- Earlier this semester a letter was sent home to McDaniel StU- given the success of the recendy ended Carpe Diem campaign, coming academic year, some changes have been implemented for fi- dents informing their families of a tuition, room, and board which raised over $77 million, 19 percent more than its goal. nancial aid as well, particularly in regards to Federal Stafford Loans. increase of about $2,000 for the upcoming 2010-2011 school However Seidel explainedthat the $77 million is a pledged year. This increase pushes the rota! COStSJUStabove $40,000 per total, and much of it hasn't actually been received yet. Addi- Worry not, as these modifications are meant to benefit students year, depending on meal plans and housing locations. . [ionally, Seidel said rhe Carpe Diem campaign began six years rather than to work towards their disgrundemenc. So what are the Forry thousand dollars may seem like a lot of money for ago in July 2003, and much of the money was spent as it came most important things to know about rhe Scafford Loan changes? students to pay, but it's nothing compared to the operating in. Patricia "Parry" Williams, the Director of Financial Aid, has the costs of the school. The school is budgeting to spend about $56 He said that the majority of the money spent was used million to operate rhe school next year, according to Vice Presl- on physical improvements. Specifically the renovations of the answ~~~dentS will now be borrowing from the U.S. Deparrrnent of dem of adminisrrarlon and finance, Ethan Seidel. Blanche Ward dormitory and Garden ApaHments were partial- Education rather than from private lenders. Any loans before now could be either staying with the private lenders or sold to the U.S. Alrhough.rhe operaring budget for next year is only about ly funded by the campaign, and the additional North Village half a million dollars more than the currenr year, the college's apartments, along with the some of the building costs for Aca- Deparrmenr of'Ed." income has decreased. The biggest dedine in income is from the demic Hall. Seidel noted that the money allowed the school Most students wouldn't think twice about where their loans co~e Srare of Maryiand's educational department. Last year McDan- accomplish "more than I thought we'd ever be able to accom- [0 from, as long as thei.t school bills ate gening paid. However, wh;o~ iel received aboue $700,000 less than expected from the State. plish in thai amount of rime." He then added that a smaller tedious in its beginntng seages, this change-will be advantaga>us The state has been substantially contributing less to Me- Begmning in the Fall 2010 semester, the Federa! Sr.ar: Daniel and other private colleges in the past few years. Seidel portion of the money was invested, and another small chunk stud~~:;~: ~i:~ te;~Ot~e more of their loans going to their was indeed used for operating COSts. explained that "while they are cutting the funding to private Man~ srudenes are upset about the increase. Junior Megan account.with fewer fees taken our," said Williams. ffi rd Loan institutions they are increasing or holding the line ar Hate Roach said she found the increase "depressing," mentioning Pre- institutions." Program will be replaced by the WiUiam D. Ford Dl~t :: their thar even small increases "add up." Other students, however, gram (Direct Loans), which is where mrdents will now orr Additionally, due [0 the damaged economy, the college's are taking a more optimistic perspective on the increase. Junior invesrmenes have nOTbeen growing as wei! as in previous years Federal Loans from. . 1.0 inreresr rates and therefore the endowment has been contributing less [0 the Elyse Sparks said "We have one of the cheapest room and board will ~~~;~2~0IrOs;~s~~i~~~~:; [~:~s ~;:: tha~last year) and prices for a private institution in the country" operating budget than in past years. Students shouldn't worry tOOmuch about paying for the ., The co_Uegei~F.!.cingmore than JUSta decrease in funding: price increase. Seidel said that the financial aid budget will be 6.8% for unsubsidlzed lo~ns. thl students must Its also facing an increase in cost. Every year the college consid- larger next year to help students pay for the increase in cost. In order for ~erythmg to w~: ;:s~:~;i:cluding the Fed- ers inRation when budgeting for the upcoming year. However, Seidel said, ~[McDanielJ allows for the faCt that if we're going :T~::~::~:::!;~o:i:~ Note and the Dir:eLoan En- inflation is not.the only rising cosr. Next year's utilities will also COStmo~e than usual. The City of Westminster has recently ex- to have ,'In mcrease in tuition, room, .a.nd board, then we're tranee Intervicv.:' Each rakes abou~!;in~~ ;~=beca:.se of the panded Irs water plant, which has caused a rise in the COStof going to need to have an increase in the financial aid budget.~ Junior OlivIa.Sykes has been In~ portion water for all t~idents including McDaniel College. The school recognizes a tuition tncrease isn't going to be required shorr qUI7ZCSthat a~o~P~y e;them and ~et overwhdmed With the mcrease in operating COStSand the decrease in favorable with many students. "Going up four percent doesn't wim"i~';e~~yr:~~t"!~;;~~ir~~y: more educated as a result, but state funding, the school has decided 'ro make up rhe need- make anybody happy," said Seidel. However me school "tried ed funding with the tuition increase-. About 77 pe~cent of the to hold the line [on COSt]as much as we can.~ and "jncrease as Irend to procrastinate." hm ~' didn't mind completing memo linle as possible,H he said d and provided a detailed Carlos R. Hernandet, fees on with