Ethics
In the sample question it said that the student was unable to pay her loans because she did not make enough in her job to pay them. This happened to a friend of mine who went to a school in another state. Do regulations prohibit offering classes to students to get financial aid if the chances of getting a job that will provide enough income for them to repay the load are low?
I think it is also important to make sure the programs offered are beneficial and that their curriculum is current.
Student share their experiences with their friends and family, full disclosure about gainful employment can benefit our students by giving them an honest view of waht they can expect.
I believe an academic advisor has an obligation to the students to discuss this with them. The advisor should provide the prospective student the resources available to them to do some research on the issue. It is a shame to pay a huge amount of money for a job that will not compensate them enough to repay their loan. Enrolling a student with this knowledge is a big ethical dilemma for me.
i agree it is a representatives job to make sure that their student is completely informed about all financial obligations there should never be an element of surprise.
I also agree. However, many times we seem to run in to students who claim they understand whats being said to them, only to find out they really dont. I think having more counseling with students will only benefit. More than just entrance and exit counseling. We need to have more of a presence with the student while they're attending school.
I am very careful when discussing Federal Financial Aid with prospective students. I refer them to not only our website via links where all required information is posted but also give a direct email to our Financial Aid Department. I do stress that loans must be paid back and that we offer a "per course" model where you can pay for one course at a time.
As long as all the information is presented to the student properly the sky is the limit for the student. A student may get education in one state and move to another and make a higher wage. Also you get what you put into your career path. If you are driven to study a certain area and push yourself to excel employers will sense that and reward hard work and determination
A student can always go to the bureau of labor and statistics to get an general idea of starting salaries
This is why I am always refering students to our gainful employement website. They can find the information regarding debt to income ratio and decide on thier best career move. I always stress the importance of research on thier perspective career and the program they need for it.
I feel that this area should not be rushed and we need to make sure the student understands all of it
Students should look at the cost of completing a program, how much debt they will incur, avaibility of jobs in their field of study and average beginning salary. They then should be able to make an informed decision on how much student loan debt they are willing to take out.
I agree, providing students with the most information as possible about the program they are interested in to ensure the choice they are making is for their benefit. Be sure to let the student know what they are committing to.
I agree with you 100% Curtis, I always try to give my prospective students all the information that they need to make an informed choice. I want them to know that it's not about me getting them to enroll it's about them making a choice that is based on all the available information I can give them, whether they decide on our school or not. And 9 times out of 10 being completely straight forward and honest with them works in our favor.
The guidelines are there in addition to doing finacial aide counseling prior to taking the loans. This is also up to the student to make the right choice on what to take out when offered. As long as they have all disclosures.
Regulations prohibit telling a student the wages that he/she would make. Placing them in front of Hiring companies would be the proper way to state it. Colleges typically have Career-fests where many companies come to see the students for future employment. This would be the best venue to get the info directly from the employers.
It seems to me the school should not offer a program that they KNOW costs more that the career, likely to be secured, will not be able to repay the loan.
Certainly as time goes on salary trends can change and the relationship could deteriorate but after a short time the program should be discontinued and, if possible replaced by a more appropriate program.
I agree. Ethical schools should be giving students the correct information according to the regulations, but honestly you should be ethical in conducting yourself overall. Treat the students with care and the feeling will be reciprocated.
This is extremely necessary being that most students view loans as a foreign language. By offering assistance you are providing a service that is not only ethical but vital.
Of course schools need to follow state regulations to remain compliant, however, I believe schools that are ethical go above and beyond what is compliant. If the school is ethical and displays a general "caring" attitude towars its students, it should never keep secrets or things not discussed. Students should be able to trust thier schools, and this happens when the schools relay pertinent information and counsel thier students in all financial matters regardless if it is a requirement of the regulations. An ethical school will go above and beyond with disclosed information to thier students whe it is related the thier fincances, and the end result will be a good reputation for the school as related to ethics and principles.
