As part of our research on student debt, we conducted an interview with Kendra Feigert, the Director of
Financial Aid at Lebanon Valley College.
She provided insight into the new scholarship program that will affect the incoming students at LVC as well as her own opinions on student debt at the
college and nationwide.
Average Student Debt at LVC for the Class of 2015: $37,865
Average
Student Debt Nationwide for the Class of 2015: $35,051
Q: Can you explain the scholarship opportunities of students already enrolled V.S. incoming students next year?
A: The competition among students
has become fierce. Before, our scholarship opportunities looked at class rank. But, we realized a lot of schools are going
away from class rank because it becomes less meaningful in small schools. The new scholarship program was created to
provide more input not only on class rank, but a heavy weight placed on GPA. If SAT or ACT scores are submitted we use
them, but we are test optional. Since it [the scholarship] is based primarily on high school academics we are starting with the incoming
class of 2016. One of the differences is that scholarship amount is flat. With current students the scholarships
increase with tuition.
Old Scholarship Awards:
Leadership Award: One-third off tuition
Achievement Award: One-quarter off tuition
New Scholarship Awards:
Leadership Award: One-third off tuition
Achievement Award: One-quarter off tuition
Q: Would you say the majority of the students at
LVC attend on a scholarship? If so how many students on average do you think
pay the full $49,540?
A: I can probably count
on one hand the students who pay full and it might even be less than one
hand. Overall, recipients who receive some
kind of aid is 99%. Eighty-one percent of
students receive one of our three merit scholarships.
Q: Would you consider the debt of college students
nationwide to be high?
A: Student loan debt
really peaked in 2010, and so every year since, the amount students are
borrowing across the nation (not just at LVC or private schools), has dropped. I of course would like to see the
borrowing at LVC be less. And I think we
are doing a better job of that. We have
really changed our aid strategy in the last three years, but it is going to be a
couple of years until the catches up to our graduates. So I’m hoping to see that number go down and
continue even with the increases of tuition.
Q: How do you feel about students in other countries who go to college for free? Do you feel like this should be offered in the US?
A: To be honest, I’m not sure I have thought about
that or have an opinion one way or the other.
I would love to see greater aid coming from federal and state sources, absolutely. The government has really not kept pace with
providing aid at the same level institutions have. So while our costs have gone up, our aid has
also increased too.
Q: How does LVC’s scholarships and aid differ from other colleges in the area?
A:
Well, it was very
different until this new program that we just changed to. So that the fact that we had a guaranteed
program where you were in a certain class rank you meant you automatically got a scholarship was very, very unusual and we learned that because we were researching
other schools websites. The other thing
that is very, very unique about the [current] scholarships is that it increases with tuition. It was created in the early 90’s. It was
really revolutionary and it was what the college needed at that time. As time has moved along, that program really
hasn’t evolved and we needed it to based on our market, demographics, and all of
that stuff.
Q: Do you think there is a solution for college debt?
A:
I just think the way
we do college with the very traditional on campus in the classroom…I think that
we will evolve to a lot more online learning with a less expensive price
tag. I think we are starting to move in
that direction, we are a long way, a way…that’s what I see as maybe happening in
my lifetime. College 20 years from now
is probably not going to look like this residential life on campus, because I
think it’s very expensive to maintain a physical plan.
Q: If you want to go to college and can’t afford college how do you think that should be handled? Should you go to community college?
A: Absolutely. When we see a family who we really
don’t think can afford to be here. We will
absolutely council HACC for two years and then a transfer, which I think is a
great solution to the cost. And unfortunately,
not every student cannot attend a private institution. I’m just thankful that there are different types
of institutions so all students can have access [to college]…it just might not be necessarily
where they want to go.
Q: Anything that you wish LVC would do differently pertaining to financial aid and the “sticker price”?
A:
I wish that all the
aid that we awarded was solely based on a family’s need. Not that I don’t think that awarding hard-work
is a good thing. But, I just feel like
the families that can pay should pay, and we should be trying to assist the
families who need the funding. That is a
wild idea that I don’t think is going to ever happen here. But, I would love to see all need based financial
aid.
As an alumni who worked as an RA on campus (free room), had the half tuition, had other academic scholarships I feel like student debt is an enormous burden which is making the "American Dream" impossible for our generation. I am attending medical school currently on a full scholarship from the military but my student debt still sits accumulating interest. My fiancé is also alumni. With Philadelphia rent, student loan payments and other bills it makes it almost impossible to think about buying a house. Our parents were able to work our their way through college, get married, buy a house and have children securely. With student debt, high costs of living and the job market forcing students to take lower paying jobs we do not have the secure future our parents had. Hard work does not guarantee the "American Dream" anymore for the average student but even more so for students of color. What is the answer to the problem? I don't know but we need to address it.
ReplyDeleteThanks for your comment! I totally agree with your comments on fulfilling the "American Dream." The "American Dream" is nearly impossibly considering all of the debt that you accumulate while trying to fulfill it. Americans should not be punished for getting an education. Best of luck with everything in your future.
DeleteI too, am at a small private school, where enrollment is low, tuition is increasing, and large budget cuts had to be made this year, which included a large number of professors and faculty losing their jobs. If enrollments at schools nationwide is decreasing, it is difficult to see tuition prices decreasing any time soon.
DeleteThanks for your comment, Kayli! I agree. With faculty expecting a secure and steady income, institutions striving to give the best technology, and trying to maintain upkeep physically it is tough to see how the tuition cost could ever decline in this economy. I do believe that the government needs to help students out more by providing more aid with the increasing tuition prices.
DeleteIt's very disconcerting to see the prediction of a move toward solely online classes in the future, although it seems inevitable with the current economic reality. That ought to be something that is focused on--keeping traditional classroom learning and interaction--as we move forward with solving the debt issues. While the money issues obviously have to be dealt with, solving them at the sake of the educational experience seems counterintuitive. The university system was founded to share ideas and foster cultural/scientific/social achievements. We need to remember that moving forward and make sure college doesn't become too focused on (a) the money being paid for the education and (b) the money to be earned in a job following graduation.
ReplyDeleteThanks for your comment, Liam. I was surprised that Kendra predicted that we would start to move toward online schooling for college because I feel as though people all strive for the "college experience." And I agree part of the learning process is based on sharing experiences within the classroom. I participate in multiple group projects, such as this one, and without the in-class atmosphere I would never be able to participate in projects like this. I wish that education would not have such a high sticker-price because everyone should be able to develop their skills without being concerned about money.
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