Miami University's administration is fighting the economic crisis by educating its students on financial assistance, as the Miami college experience comes with a high price tag.
Total costs for the 2008-09 academic year add up to $20,885 for Ohio residents while non-Ohio residents pay $34,749, according to Miami's admission Web site. The cost has prompted the administration to look into ways families can afford tuition.
One of the ways families can curb high costs is to maximize student experiences, according to President David Hodge. In an e-mail sent to Miami parents and students, Hodge recommended students remain fully engaged, take full course loads and work with advisers to make sure they are following the correct path to graduate in four years.
Hodge encouraged students be involved with activities on campus outside the classroom to better maximize their experience.
"The average student graduates in 3.7 years," Hodge said. "Graduating in four years is the goal, and it will help families save money."
Hodge said he recognizes there have been dramatic changes in the family incomes of many Miami students, and he said he strongly encourages parents to speak with the Office of Student Financial Assistance.
"College is a huge investment, particularly during the current economic downturn, which is why we've devoted so much time and funding into need-based scholarship programs like the Miami Access Initiative and the Miami Grant," Hodge said. "Miami University provides a high-quality education, including personal contact with professors, more opportunities to do research as an undergraduate and the ability to complete a degree in four years."
Students on campus have been forced to have the difficult conversation about money with their parents because of the nation's economic recession.
One junior Miami student said, "My family has had an educational fund for me throughout my entire life. With the deepening of the economic recession my family has lost roughly 30 percent of the funds set aside for me. I took a job on campus to try to make up for the loss of funds."
The Office of Student Financial Assistance provides the most assistance in the form of student loans, according to Chuck Knepfle, director of student financial assistance.
Knepfle said he encourages students to contact his office to receive advice on which loan is most appropriate for each individual student.
"The process for applying for a loan is continuous; there is no deadline to receive a loan," Knepfle said. "For an accepted student with financial worries the university is committed to honesty about the financial burden of attending Miami."
In addition to loans, Miami offers a variety of other options to help families save tuition dollars.
"The biggest problem with families filing for financial aid is the lack of filing the Free Application for Federal Student Aid (FAFSA), with an estimated 50 percent of students filing the form each year," Knepfle said.
The first step in the financial aid process is to complete the FAFSA. By completing the FAFSA by the priority deadline of March 15, students have applied for all need-based financial aid including grants, scholarships, loans and federal work-study.
"The FAFSA is available to complete online, which is the fastest way to apply for financial aid," Knepfle said.
Beyond the initial step of the FAFSA, the administration has flexible payment plans that allow a family to spread tuition payments into smaller more manageable payments over a year.
Hodge said that he and the university administration have been looking at every expense the university has and have evaluated whether that money is being spent wisely.
"The university is doing a good job of making its education affordable," Hodge said. "The university has cut $22 million out of its budget and is advocating cost containment across the campus."
Further questions should be directed to the Office of Financial Assistance in room 121 of the Campus Avenue Building. Office hours are 8 a.m. to 5 p.m. Monday through Friday.
