Q&A with Syracuse University's director of financial aid
Q&A with Syracuse University's director of financial aid
by S.J. Velasquez / Contributing writer
Wednesday March 11, 2009, 1:50 AM
Youlonda Copeland-Morgan
It's college decision time.
High school seniors and their parents will be mulling over scholarship packages and aid award letters in the coming weeks.
Youlonda Copeland-Morgan, Syracuse University's vice president for enrollment management and director of scholarships and student aid, offers her advice and answers some of the questions that college-bound students and their parents are asking.
How are financial aid offices responding to families' economic concerns?
We communicate with students earlier and more often to get the message out that financial aid is available," Copeland-Morgan said, adding more aid has been set aside for middle-income families.
This year SU also initiated the money awareness program, a fiscal literacy program designed to teach students about budgeting and handling debt. The program is mandatory for students with multiple loans, she said.
What's the best way to pay for college?
A 529 education savings plan is a great investment, Copeland-Morgan said. "But if you don't start early, it won't do you any good."
A 529 allows parents to set aside funds for their child's future education.
If a family is not able to pay for college up front, Copeland-Morgan suggests borrowing through student loan programs, particularly federal student loans.
Student loans, she said, are different from commercial loans. Some federal student loans offer low interest rates or pay interest that accrues while a student is enrolled in school.
She also suggested seeking out loans that defer payment for students planning to attend grad school, join the military or volunteer after college.
Does saving reduce a student's chance at receiving financial aid?
"In 30 years, I've never seen a family who's saved any worse off than a family that didn't," Copeland-Morgan said. She said only about five percent of savings is taken into consideration for financial aid awards.
Is investing in the stock market a good way to save for college?
Only invest based on the advice of a trained professional, she said. And if you can't afford the risk, look for safer alternatives.
How much debt should college alumni expect to owe?
An SU graduate can expect to take on an average debt of $19,000 to $22,000, she said.
Where can college graduates go for help with financial aid or debt questions?
Before graduating, every SU student must participate in a financial aid exit interview. After graduation, alumni are encouraged to contact the financial aid office with questions about loan repayment and debt management, she said.
What's the best financial advice for college-bound students and their families?
"Plan early to maximize financial benefits," she said. "Elementary school is not too early to start planning."
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