Cost of college continues to rise with financial help becoming smaller at Plymouth State University

Plymouth State University students are struggling to continue their higher education due to rising costs in tuition, housing, books, and more. While all these add up, the financial assistance students receive is changing every year.
 

Like most colleges and universities around the nation, Plymouth State University (PSU) has been experiencing rises in cost of attendance over the past several years. Whether the student is or is not a resident of New Hampshire, they are being affected.

Liz Gagnon, a sophomore Elementary Education major at PSU, expresses her thoughts on the rising cost of attending PSU.

“As an in-state resident, I chose this college because it was the only one I could afford. The rising cost of tuition adds more stress to me each year…and I don't understand it considering we don't get heat and hot water half the time.”

Collegefactual.com, a website that helps students in determining what college to attend and the costs involved, stated that “tuition for out-of-state students attending Plymouth State University increased at an average annual rate of 4.7% over the past 5 years” and “fees grew by 6.6%.”

Collegefactual.com also illustrates a chart to demonstrate the increase in tuition and fees over the last several years and potential future for Plymouth State students.

According PlymouthState’s Student Account Services, next academic year (2014 – 2015) will cost an in-state resident approximately $10,410 for tuition, not including fees. A non-resident tuition will be even more with an estimated cost of $18,320 not including fees. 

The main question in all of this is what is causing this price jump, particularly over the past few years. PSU finance staff member Linda Dauer gives her take on the increases in tuition.

“In FY12 [fiscal year, 2012] PSU experienced a $6.5 million reduction in its state appropriation.  Being a state university, the appropriation is intended to offset the cost of tuition for NH students.  Prior to FY12, the university generally received a 3% increase in its annual state appropriation and some level of tuition increase for both in-state and out-of –state students.” 

This chart, given by Dauer, shows the state appropriation given to Plymouth State over the past few years.

“You’ll note in the chart that we did receive some of the appropriation back in FY13 and FY14 but under the condition that the tuition rate for NH students would stay flat” states Dauer. 

Dauer also explained that “these increases helped to cover salary; utility, deferred maintenance, financial aid, and other operating cost increases. The university continues to work hard to reduce costs in every way possible to mitigate the impact to its students.”

Adding these costs in with housing, meal plans, and books, all which have a price tag themselves, leaves students to have to get help. They are relying on PSU to provide them with financial assistance whether that is in scholarships, loans, or grants. 

The university receives a certain amount in federal assistance each year which is determined by the Board of Trustees. This budget is used in distributing financial aid to each student. Dauer specified that this year’s institutional financial aid budget was $9.91 million. 

Student’s feel that the amount of financial assistance they are receiving from PSU is decreasing each year they attend. For example a freshman at PSU would likely receive more grants than a senior. 

“I feel that I am receiving less each year. It's like my parents make too much money for me to receive a lot of financial aid but at the same time they don't make enough to send me to school so we then need to take out loans” according to sophomore Early Childhood Education major Jamie Hunt. 

However, Crystal Gaff, from the PSU Financial Aid staff, states that financial aid actually does not decrease but rather fluctuates based on the student’s Expected Family Contribution (EFC). A student’s EFC is determined when they fill out their FASFA form each year. 

“A student’s financial aid package approximately stays the same every year. It might vary from year to year…little more in loans, less in grants.”

Gaff stated that a student’s financial aid is first based off how eligible they are for federal aid. Then PSU has its own formula to equitably distribute the school’s limited funds.

The rising cost of attendance may seem small compared to other schools, but it does have an impact on the students. 

“Every year that I [Gagnon] have attended PSU I have received less and less financial aid. My family's expected family contribution went up this year, and as a result I lost two scholarships that I have received in the past two years.”

Hunt, a sophomore Early Childhood Education major, is getting help from her parents to attend PSU but worries that the continuing rising costs will cause that to change. 

“I am a resident of New Hampshire, so I am paying in-state tuition. As of right now, I am not paying for school, my parents are. But it is still stressing me out because I am afraid that at some point they are going to tell me that I will be on my own and I don't know what I would do.”

Every student at PSU receives some sort of financial assistance each year. Federal Student Aid gives each PSU student an unsubsidized loan every year. The Federal Student Aid also gives students who they feel are in greater need a subsidized loan as well.  

“I receive a Federal Direct Subsidized and Unsubsidized loans each year, as well as the TOPS Scholarship and Federal Work Study” according to Gagnon. “The amount of financial assistance I received from PSU this year covered $12,487 of my overall cost of attendance ($25,650).”

Hunt also receives both the Federal Subsidized and Unsubsidized loans totaling to $7,500 out of her total cost to attend PSU for an in-state resident ($25,650). 

Dana Caggiano, a senior PSU student, gets financial assistance from loans and work study, but only covers about half of her total cost. However, since she will be staying an additional year she will not be eligible for federal loans.

Not having all costs covered to attend PSU brings stress to students. Students have had to do extra in order to stay at Plymouth State.

“I have had to take out loans as well as borrow money from family members to help pay for college. I also have three jobs that I work during the school year, and one during the summer” states Gagnon.

Caggiano has to work three different jobs throughout the year to cover expenses as well as get private loans through her bank.

“I do have a job on campus during the school year as well as at home during the summer and winter break to help ease the costs for books and other things I need for school.” according to Hunt.

Though students need more help to get through college in today’s world, financial assistance has run thin. Plymouth State has given as much money as they can to every student based on what they are eligible for.

PSU realizes that this is an ongoing problem and it is not getting any better. They have taken action to alleviate some of these worries by bringing educational programs such as SALT to PSU. The next blog post will talk more about this program and all it has to offer!