FAFSA season coming to a close

With the priority deadline of March 10 fast approaching, college students across the nation are encouraged to fill out the Free Application for Federal Student Aid to receive maximum financial assistance.

However, many low-income students who could fill out the FAFSA and attend college don’t, simply because they believe it isn’t worth it, said Bill Stanczykiewicz, president and CEO of the Indiana Youth Institute.

Stanczykiewicz is working to refute myths that surround the accessibility of a college education.

“There seems to be this tone and tenor that college just isn’t doable,” Stanczykiewicz said. “[Families] hear the news that student loan debt is now larger than consumer debt. They hear about government funding cuts, and they think, ‘Oh, that’s it. No money, can’t go.’ And so we really need to work hard to bust the myths.”

Stanczykiewicz said student loans, while possibly dangerous, should not be avoided, likening them to a mortgage.

“Just about everyone takes out a mortgage, and people need to look at college loans that way,” he said. “It’s like a mortgage in that you need to manage it well.”

In addition, Stanczykiewicz said many universities not only will waive application fees for low-income students but also offer other solutions to help students finance their college educations.

“Most colleges have work-study, where you can earn money towards your tuition,” he said.

Stanczykiewicz also advises that students not borrow more money than they expect to earn in a year.

The need for higher education is becoming more and more imperative in today’s world. According to a recent report by The New York Times, the unemployment rate for job-seekers with only a high school diploma is 8.1 percent, compared to 3.7 percent for workers with at least a bachelor’s degree.

Students who are not eligible for work-study or Pell Grant-type assistance still have other ways to help fund their education. The IU Foundation, as well as specific departments and schools within IU, offers scholarships to students based on various qualifications.

“The majority of scholarships are administered by schools and campuses,” said Kathy Gutowsky, interim director of strategic planning and communications for the IU
Foundation.

About half of this scholarship money comes from various corporations and foundations, while the remainder is gift money from alumni, friends and parents.

“A donor might make a gift for IU students that come from a specific county, for example,” Gutowsky said.

Roy Durnal, director of the Student Services Center, suggests that students minimize the amount of debt they aggregate by completing their degree as soon as possible.

“Full-time students at IUB pay a flat fee rate for 12-17 credit hours, so students should work with their academic adviser to maximize that fee rate and take as many classes as possible each semester,” Durnal said. “Students should stay on track and graduate in four years or less. An extra semester or two only adds to the overall cost of your education. Take advantage of the discounted tuition announced by the University and available in the summer of 2013.”

Although locating enough funding for college can be challenging, students should exhaust every possible resource at their disposal, Stanczykiewicz said.

“The big thing is to believe it’s possible,” Stanczykiewicz said.