The Role of The Counselor
I told you last week about my presentation to guidance counselors at Bentley College. I also spoke to counselors last week at Mount Holyoke College and I'll give the same presentation again at Merrimack College. These presentations about student debt, and the discussion they prompt have been an eye opener for me.
The college counseling profession has undergone a lot of changes over the past decade. At one time, the counselor's role was simply to help students select some appropriate institutions and write a recommendation. Then, as college costs skyrocketed, they needed to have some familiarity with the financial aid process. As competition for admission increased, counselors had to match students with schools at which they could gain admission. Now we are asking them to counsel their students on avoiding unmanageable debt. It is a lot to ask.
The counselors have been very receptive to the message of unreasonable debt, but are leery of their role in counseling families about their individual finances. After all, the family knows their own financial limitations best, and counselors should not be a part of that discussion. I agree. But I do not think that families really know the impact of student debt and need additional information to make the decisions about student loans.
Most reasonable families know that student loans are an investment in their child's future. But they do not know, in Sandy Baum's words "How much debt is too much debt?" Since higher education is such an intangible commodity, it is difficult to set limitations on how much should be spent on it. They know how much they are willing to spend on a car, but how do you make that decision when it comes to education?
When does the guidance counselor's conversation with a family become invasive on their personal and private finances? And how do we give our message of too much debt without crossing that line? I would appreciate any insight readers might have.
Best, Duane
Posted by Duane Quinn on December 12, 2006 at 01:55 PM EST
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Blog Author
Mike Ryan
Vice President of Borrower Services
Biography
Michael T. Ryan is Vice President of Borrower Services for American Student Assistance, a position he has held since joining ASA in February, 2003. Mr. Ryan heads ASA’s Borrower Services Division, which is responsible for all aspects of the management and delivery of service to borrowers in ASA’s education loan portfolio, including all default prevention and recovery efforts.
In his 20-plus year career in higher education financing, Mr. Ryan has held key management positions at the Massachusetts Educational Financing Authority (MEFA), and Key Education Resources (formerly Knight Tuition Payment Plans). As MEFA’s Associate Director for Programs and Operations, Mr. Ryan facilitated MEFA’s entry as a Federal Family Education Loan Program (FFELP) provider. He also played an instrumental role in the introduction of the U. Fund, (MEFA’s Section 529 College Investing Plan), managed MEFA’s U. Plan (Prepaid Tuition Program), and was responsible for the operation of MEFA’s loan programs.
While at Knight and Key, Mr. Ryan held progressively responsible management positions, from Account Manager to Senior Vice President.
Mr. Ryan is a graduate of Merrimack College.
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