Six Weeks to Go
As the summer kicks into high gear, it's hard to imagine that in six weeks, following the traditional academic calendar, college and career school students will be returning to their campuses and classrooms: the summer fading into memory. We in the financial aid community might wonder "Do these students give any thought to financial matters when headed to the beach?"
Students often use the summers between academic years as a time to work and save as much money as possible for the coming academic year. This is gratifying news for financial aid professionals: What better way to pay for college than with savings? But all too often, those credit cards that have been gathering dust during the summer are suddenly flashing at cash registers when September comes. The cost of books, the pressure of transitioning from summer pursuits to studying, the need to find time, and order take-out food - all of these things and more can cause even the most financially responsible student to succumb to short term planning. And that means no planning at all.
What is it about summer that enables students to save for college? Some of the answers are obvious. Students often
- Live at home
- Don't pay rent
- Eat meals with their family
- Spend less frivolously
- Save earnings for a specific goal
It may be the last bullet point that is most significant. In the summer, when students are away from the hustle and bustle of academia, they tend to look more closely at the realities that face them: Will I have enough money to live off campus? Can I afford to keep a car during school? Can I pay for extra credits, so that I can graduate earlier? These questions do (and often have to be) put on the back burner when exams, papers and apprenticeships face them head-on.
Our task is to keep that sense of planning alive for students not just during the summer, when they can reflect on their goals and needs, but throughout their higher education career. By communicating the need to have a solid financial plan with frequent reminders during the academic year, we can help keep that sense of summer alive year round.
Posted by Mike Ryan on July 20, 2007 at 04:28 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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