LINDSEY BOERMA
Living Editor
For the average college student, money falls just below food and water on the pyramid of necessity. In light of Pepperdine’s recently announced tuition inflation, funding for college has become an even more prominent topic on campus.
According to Janet Lockhart, director of Financial Assistance at Seaver College, some type of financial aid is available to virtually every student at Pepperdine.
Financial assistance awards, consisting of grants, scholarships and loans, are generally available for every undergraduate year of college, and include federal, state, private or institutional-based funding. Most programs require you to continue to qualify annually based on need, academic progress, grade point average, major or other specific criteria.
To apply for financial assistance, students are encouraged to fill out an annual FAFSA report, available online, as well as complete the Pepperdine application process through the financial aid Web site.
“The university automatically gave me scholarships and other financial aid based on my applications and FAFSA report,” freshman Martina Soares-Knize said.
Special needs are also addressed in regard to financial aid.
When faced with problems such as family emergencies, monetary independence or an inability to stay enrolled due to lack of funding, there are measures to be to have the circumstances taken into consideration.
“[In a special situation, students] should first do what is best for them and then take the appropriate action necessary,” Lockhart said. “Depending on the situation, an appeal should be submitted to either academic advising or financial assistance. The appeal should be in writing from the student or from someone else on the student’s behalf. It is most important to discuss and provide documentation regarding any unusual events, medical problems or other pertinent factors that may have contributed to the emergency.”
Overall, it is agreed that Pepperdine does a commendable job of offering financial aid, particularly in comparison to other universities.
“The university is very generous with assisting as many deserving students as possible,” Lockhart said. “Last year Seaver students received more than 35 million in scholarships and grants.”
Soares-Knize agreed and acknowledged she appreciates Pepperdine’s generosity first-hand.“Pepperdine does a good job of offering financial aid,” she said. “I got into other schools that would have normally been less expensive, but didn’t offer nearly as much money as Pepperdine did. It just seems like they want to give students the chance to go here.”
Opportunities for college funding do not stop at Pepperdine’s territorial boundaries, however. Online scholarship Web sites such as Fastweb.com and finaid.org offer students further information at various scholarships and loan programs.However students choose to fund their college educations, it is certain that recent events will increase financial need.
Another recent alteration in the financial aid scene that should be considered is the ongoing investigation of more than 100 universities, Pepperdine included, for accepting kickbacks from preferred lenders.
“We have always provided information about an array of potential lenders that students may choose for their borrowing needs,” Director of Public Relations Jerry Derloshon said in a March Press Release. “Four of Pepperdine’s five schools currently have arrangements with a lender that provided a minimum return to the University that is used to assist other students seeking financial aid. While this lender makes express disclosures in its truth-in-lending statements about this arrangement, we have decided to end the arrangement with the lender.”
While the outcome of the situation does have the potential to affect students receiving financial aid, the investigation is still pending, and thus no conclusions can yet be drawn.
Regarding the recent tuition increase, however, Lockhart does not see this as a dramatic hindrance to students’ abilities to obtain financial aid.
“As tuition increases, so does the need for financial assistance,” Lockhart said. “Seaver College returning students receiving need-based grants may receive a Seaver Trust Grant equal to 6 percent of their total university funded aid as long as they qualify.”
As a result of the 6 percent increase in next school year’s tuition to a total of $34,580, the cost of attending Pepperdine for the 2007-2008 school year may leave some students with inadequate funds.
Martina Soares-Knize, a freshman attending Pepperdine on a full financial aid package, said she believes that the raised tuition will unquestionably affect not only her college career, but that of her fellow students.
“The increased tuition bothers me because it’s going to making college much harder to afford,” Soares-Knize said. “I assume tuition is going to be raised every year, and that’s definitely going to be hard because I’ll keep having to get out loans unless they also increase financial aid. I actually know a lot of people who have to transfer because they can’t afford to go here anymore, and that’s because of a lack of financial aid.”
Yet, according to Dean David Baird, financial aid packages will increase as well, with 35 percent of the revenue from increased tuition going toward financial aid. Furthermore, need-based financial aid will also increase in proportion to the raised tuition.
However, even with the improvements made in financial aid to help counter-act the tuition inflation, however, there are numerous other factors taking a toll on Pepperdine students’ bank accounts, leaving them in dire need of financial aid.
More information on applying for Pepperdine’s financial aid packages can be found at http://seaver.pepperdine.edu/financialassistance/generalinfo/app-procedures.htm.
MM-DD-YYYY
