Issue date: 1/22/09 Section: News

While government leaders are issuing bailout plans in attempts to throw a life preserver around the drowning economy, many college students and their parents are still struggling against the current to keep their heads above water in a sea of student loans.

Salaries and financial aid packages can't keep up with the tuition spikes and overall inflation. The cost of attending college is more than twice what it was in 1990, according to the U.S. Census Bureau.

According to Eastern's financial aid website, out-of-state residents attending Eastern are paying over $20,000 for their tuition, room and board.

But while many students are stressing about how to pay their astronomical bill, Amanda McCracken, Eastern's scholarship coordinator, said many students just need to do a little digging to find some additional funding.

McCracken said that while the scholarship fund is always going to be in the budget line, the funds available would change from year to year.

"We are seeing lesser amounts given than in previous years because of the economic shrink-off, but we're still trying to make the most of the money being given," she said.

Foundation scholarships exist from funds donated by private donors, which earn interest through investments in the stock market, McCracken said.

"With the economy not doing so well right now, we have to work harder to make the most of our foundation scholarships and get more donors," she said.

The scholarship office is hosting more receptions to give the donors opportunities to meet the recipients, which McCracken said encourages the donors to continue giving.

"By showing donors we are being good ambassadors for their money, we can help keep the foundation steady," McCracken said.

"While the volume of applications for scholarships has grown a little, we still have to go hunt down some students to give out some of our foundation scholarships," she said.

McCracken said that while some scholarships have very specific criteria, several scholarships are available to most students.

The largest market for aid comes through freshmen applying for admission and scholarship money at the same time. McCracken said incoming freshmen are all about the scholarship game. "They know what the game is. They're taking the ACT five or six times and they're working on their community service - they're on the ball."

But students already enrolled aren't always aware of the additional funds they can apply for each year.

Continued...

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