11/30/2014

WorWicstudentstakingoutmoreloans

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WorWicstudentstakingoutmoreloans
News|DelmarvaCrossroads|August23,20129:16am
ByReedShelton
StaffWriter

SALISBURYRatherthanpayoutofpocket,studentsatWorWicCommunityCollegeabout60percentofwhichareWicomicoCountyresidents
areoptingtotakeoutloansatarapidlyincreasingrate,citingthepooreconomy,therisingcostoflivingandthelossofjobs.
In2008,32.3percentofWorWicstudentsreceivedthefederallyfundedPellGrant,whichprovidesfinancialaidforcollegestudentswithlow
income.In2011,thatnumberjumpedto45.7percent.
DeborahJenkins,directoroffinancialaidatWorWic,saidalthoughthenumberofrecipientsisincreasing,awardamountsarenotrisingtomatchthe
currentcostofliving.
Becauseofthis,studentsneedtoseekoutotheraid,withstudentloanshopefullybeingthelastresort,Jenkinssaid.
Andthatlastresortisbeingtakenbyagreaternumberofstudents.In2008,5.2percentofWorWicstudentsreceivedloans.By2011,thatnumber
hadjumpedto9.5percent,leavingasignificantlygreateramountofstudentsburdenedbydebt.
Therearedirectandindirectcostsbothofwhicharerisingthatmustbefactoredintothepriceofoneseducation.
Directcosts,Jenkinssaid,areexpensesliketuitionfees,schoolsupplies,andtextbooks.Whiletuitionfeeshaveincreasedonlyslightlyfrom$76to
$93percredithoursince2008thepriceoftextbookshasjumpeddramatically.A2005reportconductedbytheUnitedStatesGovernment
AccountabilityOfficefoundthatoverthetwodecadesleadinguptothepublicationofthereport,textbookshadincreasedinpriceatdoubletherate
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ofinflation.
Yetitistheindirectcostsofeducationincludingroomandboard,transportationexpenses,andotherpersonalexpensesthatarecausingstudents
torelymoreheavilyonloans.
Overtheyears,everytimewegointoastore,werepayingmoreforfood.Everytimewestopatagaspumpwerepayingmoreforfuel,Jenkins
said.Everyoneoftheseindirectcostsofattendingcollegeisrising,butthestudentsincomesarentchanging,sostudentshavetolookelsewhereto
affordtheireducation.Evenstudentsthatwerepreviouslyabletoaffordasmallpartofthesecostsarenowtakingoutloanswhentheyhaventhad
tointhepast.Inmyopinion,theeconomyistoblameforthis.
MurrayHoy,presidentofWorWic,agrees.
Wereinaneconomicallydisadvantagedcommunity,andtheeconomysince2008andevenslightlybeforehasbeeninarecessionthathas
impactedourcommunitygreatly,Hoysaid.Andthepeoplewhoarecomingtoschoolareingreaterneedoffinancialaidandadditionalresources.
Hoyaddedthatthejobmarketisdirectlyimpactingthewillingnessofstudentstotakeondebtfromloans.
Wereretrainingsomany(older)peoplewhohavelostjobsandarecomingbacktocollege,andwithoutajobtheyobviouslyhaveasignificant
needforfinancialsupport,hesaid.(Manyofthesestudents)havefarmoreexpensesthanan18to22yearoldwouldhave,sotheyrelookingat
loansasawaytosupplementthoseneedstocarrythemwhiletheyretryingtogetaneducationtopreparethemforwhatIcallafamilysustaining
career.
Becausetheseindividualshavesignificantlivingexpensesmortgagesandchildren,forexampletheyfallbackonloans,asituationwhichHoy
considersbothdisturbinganddistressing.
Yetmanystudentsarestilloptimisticabouttheopportunitytotakeoutloans,andconfidentthatthecareerwhichwillresultfromtheireducationwill
sufficetopaybacktheirdebt.
DanielBoughner,22,appliedforboththePellGrantandforstudentloanswhilepreparingforhisfirstsemesteratWorWic.
Iwouldntbeabletoattendcollegewithoutaloan,Boughnersaid.Iliveonmyownandmyparentscantreallyaffordtoputmethroughcollege.
Ialsoworkfulltimeandpaymyowncarinsurance,soIneedwhatever(loans)Icanfind.Inthelongrun,itcanonlybenefitmewithgettingajob,
andinthelongrunIllbemakingmoremoneythanImtakingoutinloans.

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