Double College Aid Advisors Tell Lawmakers

Written by Gary Lacy

Monday, 11 August 2008 17:37

Financial aid directors from Kentucky's public and private colleges want lawmakers to double state support by 2020.

"We're here today not to really make a suggestion that we change the programs, rather we just need more money, which of course, is the hardest part," Dave Cecil, Transylvania University Director of Financial Aid told the legislature's Subcommittee on Postsecondary Education Monday.
A combination of skyrocketing tuition and "flat" financial aid has led to more student loans.
According to statistics provided by the advisors Monday, the amount of federal college loans taken out by Kentucky students and their parents has more than doubled since 2004, from $364 million to $749 million this year.
In the last six years, the average cost of attending a four-year college in Kentucky has doubled. However, grants and scholarships have not kept pace.
"It is very frustrating as a financial aid advisor that you see students who have the need but we don't have the funding for them because our goal is to always give grant money before we give loan money," explained Runan Pendergrast, Chief Financial Ad Director for Bluegrass Community and Technical College.
Kentucky's two need-based grant programs are running dry after about half of the need is met. This year just fewer than 49,000 students were granted need-based aid totaling $92 million. Another 45,000 students made requests totaling $73 million, which went unfunded.
"I always tell a student I wouldn't let a loan stop me from attending college," said Pendergrast. And, that's what a lot of students have to turn to.
The advisors report more students are depending on private loans and barrowing limits are increasing.
The popular scholarship program, KEES, based on a college student's high school performance, is also part of the proposal to double state support. The maximum payout to a student in KEES money has not increased in six years.

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