Informed discussion
I think an institution has an obligation of informing a student if they are in danger of taking out too many student loans, which would increase their chances of going into default. The financial aid officer has the student's record and history of the schools they may have already been to. It would be in the best interest of the student not to incur so much debt.
I would agree with this statement. We are a small school and I am confident that our financial aid director does this with our students. Our offices are very close, we work with them open most of the time. I have heard her advising students to be wise with spending any additional financial aid they may receive, not just spend with expectation of receiving more if needed.
In any situation dealing with a student and their enrollment and student loan debt I think it is very important that the school acts in the students best interest. What we do in admissions and financial aid can affect the students entire future and life. It is not something to take lightly.
I partially agree. People need to be well informed about decisions they are about to make. However the student also needs to take responsibility as well. They are the one's signing that paper. They should know what is going on. There is just too much of "I wasn't told this". When the information is right in front of them, they just choose to not pay attention to it.
Students should be informed of the consequences of getting a loan and how they would pay for it when they finish their course work. As mentioned, they may have 6 months prior to the first payment, but may not have yet obtained that dream position that they incurred the loan for. Then the payments add up while they try to make ends meet. Counseling prior to their loan decision, job opportunities, etc, should be a big part of the admissions process discussion.
You have made an excellent point about the referrals! The best potential student has been referred by a happy student! Our Student Services Department make certain that the student understands what they are getting into with any of the loan options available and then the student is responsible for making a smart decision. Our Admissions Representatives and Student Services reps encourage checking out the many scholarship opportunities for the duration of the students time with us.
Hugh,
I completely agree. It is such a disservice to the student when they are not informed about the loans and fees that they are actually incurring. I think that it is crucial to inform students at the beginning so that the they can make there own choices. Great job.
Alice
I agree. Many students take out a loan with the idea that they won't have to start payment for 6 months or an employer will help them. When it is time to start the payments, many are still not working or have lower starting income. it is important for the students and parents to know what their payments will be and have a plan to take care of the loan.
I agree that students should know what they are getting into. You should be honest about what they will pay back after they get out and students should be aware of jobs in the area that they will be able to apply for.
If you are open and honest with the students they know you have their best interest at heart and will send their friends to enroll here as well. The good practice will come back as referrals
We also agree with this statement at our school and because of this, a student who is over a certain amount of loan funding, must meet with our Campus Director and get his approval before enrolling. We want the students to be very aware of their decisions and informed of all financial consequences and obligations.
It is always important a student is informed with payment options. The student should refer to the website through the school and fully understand what costs will be and such.
I agree also. A student should definitely have the right to know if they will be struggling to pay their debt if they take out too many loans.
I completely agree with you on this matter. Be open and honest with your students and at the very least, when you lay your head on the pillow each night you can do so with a clear conscience.
I agree with your statement! It's in the best interest of the student to ensure all options are giving to the prospect.
I agree 100% with you statement. Repayment of student loans affords future students the ability to obtain loans.
