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Articles: Tuition

The Student Aid and Fiscal Responsibility Act (SAFRA), passed in May 2010 as part of the Healthcare Reform Act, was an attempt to rein in the student loan industry and save money by taking private lenders out of the equation. But a year later, educators, parents, and legislators are asking, is the program delivering on its goals?

The federal Dream Act, which would have created a path to citizenship for immigrants who obtained a college degree or had two years of military service, did not include provisions for in-state tuition, but it is still a flash point in the discussion. State legislatures in Oregon, Connecticut, Maryland, Colorado, and Georgia, among others, have been debating laws allowing undocumented students to pay in-state tuition.

I know that spring is finally upon us because my wife has started organizing her vegetable garden. The garden, like the start of baseball season and the sound of lawn mowers instead of snow blowers, is a sure sign of longer days and warmer evenings.

It's common to find students filing papers in campus offices, restocking library shelves, or checking IDs at the fitness center to make a buck. What's a little less common is students replacing sidewalks and entranceways to dorms, building fountains, and constructing additions.

The call for increased transparency in the college pricing and financial aid arenas is coming from many directions and is ringing louder and more clearly than ever. Institutional customers, students and families who have for some time been expecting more information, now want it more quickly and in terms they can understand easily and compare consistently across institutions.

There are 18 million college students, 40 percent of whom receive federal financial aid every spring and every fall. The average student, after class drops and other adjustments, gets 2.5 refunds totaling $1,300. That's a lot of money and a lot of transactions that have to be made according to a stringent set of regulations.

It took one determined program director, two tries, three years, and much collective brainpower—but at Chatham University in Pittsburgh, today's interior architecture program students can earn a bachelor degree in three years rather than four.

With rising student loan debt, a tough job market for recent graduates, and a tougher default standard higher education institutions will have to meet in 2014, strengthening default prevention efforts is an imperative. Yet it's not always clear what factors determine default rates and how much influence higher ed institutions have in keeping defaults low.

It is easy to communicate with constituents when you are talking about enrollment growth, a large financial gift, faculty accomplishments and new building projects. But what about when the going gets rough? What then? How do you share bad news with individuals, both internal and external, who are vested in your institution?

Charles Dickens penned the opening lines of “A Tale of Two Cities” to describe French Revolutionary times, but they could easily apply to the modern world of student refunds. Or, more specifically, to two of the primary alternatives to paper checks. One is simple, secure and smart. The other can be convoluted, controversial and painful for students.

Determining the fair value of assets and liabilities on a university's financial statement has become increasingly stringent, particularly under the Financial Accounting Standards Board (FASB) Accounting Standards Codification Fair Value Measurements and Disclosures (Topic 820), formerly FAS 157. Since compliance with accounting regulations is an undeniable part of a CFO's responsibility, it is important that accounting professionals in higher education are aware of the new standards under Topic 820.

 

Our process was pretty much like everybody else’s. It was all about paper and very time consuming.

 

Located in northwest Arizona, Mohave Community College has four campuses in a county that spans almost 14,000 square miles. To get from the centrally located business office on the Kingman campus to the North Mohave campus requires traveling around the Grand Canyon.

 

IN THE MEDIA, FINANCIAL aid coverage tends to focus on topics such as the tensions between funding merit scholarships versus need-based grants, the growth in student and parent borrowing, and the need to increase funding for Federal Pell Grants. Federal or state work-study programs get little focus.

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