Financial Aid and Scholarships: Interview with Mark Levine
From LoveToKnow College
With college costs on the rise, financial aid and scholarships have become increasingly important in helping students avoid student loan debt. LoveToKnow College is happy to have Mark Levine share his expertise on this topic.
Mark is the Director of Financial Aid at Alverno College. This nationally-renowned independent, liberal arts, Catholic college for women is located in Milwaukee, Wisconsin. The school's establishment of an abilities-based, assessment-driven undergraduate curriculum for women and a graduate curriculum for women and men has earned it top honors from the U.S. Department of Education, the coveted National Survey of Student Engagement and U.S.News & World Report along with features in USA Today and Time Magazine, among others.
Mark has been in the financial aid industry since 1988, moving to the Director of Financial Aid position in 1993. He entered the industry to make sure that students and families are getting the straight story on the financial aid maze.
What is your personal experience with financial aid and scholarships?
Having been in the financial aid industry for close to 20 years, I have seen many changes good and bad over the years. We are at a point in history where many of those students who apply for financial aid feel it is an entitlement. Quite the opposite is true. There are forms of financial aid that most students will qualify for, but there are other forms of aid that a student must put some work into in order to qualify or obtain it.
One of the reasons I got into financial aid is that when I went to school, I felt I didn't get much counseling on the financial aid process and what to expect. Financial aid should be a joint process between the student and their family and the Financial Aid Office. Financial aid professionals should be willing to assist students by providing them with accurate and insightful information that will allow students to apply for all types of financial aid they may be eligible for.
What concerns does the average student who comes into your office have about paying for a college education?
When students comes into meet with someone in financial aid, their number one concern is loan debt. Many students nowadays want to go to school and not take out any student loans to assist them with their costs. Unless a student is coming from an affluent family, this is becoming impossible to do.
Expenses for all businesses continue to rise, such as energy costs and health care costs, so naturally colleges must raise tuition to meet these expenses. Financial aid at the federal and state levels has not kept pace. For the fourth consecutive year, the Pell Grant maximum has not increased. Prospects for next year are not looking good either. With this standstill, students already in college or planning on attending must come up with funds to make up for this shortfall.
What do you wish more college students knew about financial aid and scholarships?
Take the time to apply for scholarships from sources outside the Financial Aid Office or those that the Office notifies you about. Many students don't want to take the time to complete the applications or write the essays. However, if you look at the time that you spend and the amount of a scholarship you may receive, it is an excellent return on investment.
The best example of this that I have is a scholarship we learned about and sent notifications to all of our students that might be eligible. We only had six students turn in applications for us to submit. One of those students I actually persuaded to apply. She spent a total of three hours writing her essay, preparing materials and getting recommendations. The company selected 20 recipients throughout the state and she was one of them. It was a $10,000 scholarship for the year. Think about it - $10,000 for three hours of work. That is $3,333 per hour. Give me a job like that!
What do you think are the most important things for a student to remember when filling out applications for financial aid and scholarships?
The most important things for students to keep in mind when completing financial aid and scholarship applications are:
- Apply early. Some funds are limited and when they're gone, they're gone.
- Keep copies of what you submit. They can be used for reference or be helpful if the originals don't reach their final destination.
- Don't leave questions blank. If it doesn't pertain to you, put NA. If you are unsure, ask.
- Follow up. Make sure something got to its end destination, make sure you have sent everything asked for, etc.
What steps can students take to get the most financial aid possible?
- Again, to maximize the financial aid you receive, apply early.
- If you don't hear anything call and follow up.
- Make sure the information you provide is accurate.
- Make sure you have submitted all the required documents.
- Read everything you receive or complete to make sure that you have followed through on every requirement.
Since you work at a private university, do you have any recommendations for student looking to make a private education more affordable?
Don't assume a private education is more expensive than a public education. Private institutions often give out funds of their own which when totaled with all of the other financial aid the student receives, can bring the private education cost down to the same as the public education cost.
Additionally, don't just look at cost. Look at how easy it is to get classes in your major, how long it will take you to graduate, etc. Sometimes, classes are so big at a public institution that you can't get classes you need. Will that cause you to take five years to graduate instead of four? If that happens, you then have lost the opportunity of income for one year's time in addition to the cost of an additional year of education.
This page has been accessed 619 times. This page was last modified 18:26, 30 September 2006.
© 2006-2008 LoveToKnow Corp.
