The Washington Post reports that the average college student will graduate with $25,000 in debt. With more than $1 trillion in outstanding loans, student debt outweighs credit card debt and is exempt from bankruptcy protection. Even with these startling statistics, students will continue to borrow money in order to pay for college. College and university financial aid departments must operate at an optimal level in order to ensure that students have access to viable financial aid options and that federal regulations are followed. In order to find out more about the financial aid side of higher education, I decided to interview Steve Booker, director of financial aid at Rollins College in Winter Park, Fla.
Q: How do financial aid operations fit into your overall campus environment?
Financial aid is a critical piece in ensuring that students who enroll at Rollins College are able to graduate on time. We work with families to plan out their four-year college career and estimate total loan debt as well as out-of-pocket amounts. This way, we eliminate as much of the unknown costs as possible.
Q: How is your financial aid office perceived by your office, others on campus, and students?
Finances are personal and can be intimidating for families and students. As such, faculty and staff across campus are the first line of identifying potential issues through interactions with students. They often identify students who are struggling financially and help these students contact our office. When faculty and staff provide the introduction to the Financial Aid Office, students are more at ease and we can work together to find solutions.
Q: What is the greatest challenge related to financial aid that you will face on your campus in the next five years? How is your institution preparing to address this challenge?
Our greatest challenge continues to be the rising cost of education and the lack of planning by many families. More families seek financial aid and need assistance. In order to encourage more planning, our office visits local high schools for presentations as well as partners with programs such as Take Stock in Children and College for Every Student in order to get the word out about financial aid options earlier in a student’s education. The earlier we can raise the awareness of college and need for planning, the more options available to the family to save and prepare for the cost of college.
