Students face difficulties paying college costs

Ayesha Cooray
April 16, 2009
Filed under Features

Dorm conditions, food superiority, and even educational quality are no longer the crucial factors seniors consider when choosing their college. The 2008 economic crisis has taken its toll on the financial aid and scholarships available for the 2009 school year.

2008 will be a year known for economic hardship. With the fluctuation and general dwindling of the stock market, colleges have lost large portions of their endowments and are not able to give as much aid as in previous years.

Blake Tolentino ‘09 said, “Colleges this year have definitely given smaller financial aid packages. When I called some of my schools to ask about [aid], they said that the financial crisis had a lot to do with it.”
Not only has the crisis depleted the heavily invested endowments of many colleges, but some students at ‘Iolani had their entire college funds swallowed as mutual funds went down in flames.

Senior Brandon Kumabe said, “I lost a whole lot of my college fund because it was invested in mutual funds, I can’t go away because I only have enough money for the first year of college.  Even then I planned to transfer out but I heard that transfer students don’t get too much aid.”

With the economy in such dire straits, one would think that more students would
be eligible for financial aid. However, many students have expressed distaste with
federal financial assistance.

Senior Karli Wade said, “FAFSA operates under the delusion that your parents will
sell all their assets to put you through school.”

“FAFSA doesn’t even take into account living expenses in Hawaii or that your parents have been paying for a private school education” Tolentino said.

On the final stretch of the college application process, seniors have found themselves in an dilemma, trying to do what’s economically best for their families as well as choose a college that best suits their interests.