Students strapped for cash

Editor's Note: A struggling economy has Americans cutting back and reevaluating finances. With higher education expenses on the rise, and student debt piling on, creative means of cutting costs are being presented now more than ever before. Looking at how this downturn is affecting life for students at BC, this is the second article in a series examining what is being done to help students beat the economic crunch.

When the Boston College financial offices sent her an e-mail saying she owed the University $4,600 for last year's tuition, she didn't know what to think.

She had applied - and been approved - for a Stafford loan earlier in the school year that was supposed to cover those costs.

"They said I had a $4,600 balance on my account - and I had no idea why," said Micaela Carucci, A&S '10. "My parents started flipping out on me for not following through, but I knew I had done everything I was supposed to."

It was only after resubmitting for the loan this summer and numerous back-and-forth conversations between American Student Assistance (ASA) and BC that Micaela learned that the bank she had been borrowing from had collapsed.

"It sent me into a full panic. I was in the process of moving into my apartment and getting ready for classes, and now I had to deal with this," Carucci said.

For Carucci and many other BC students, the current slump in the economy - specifically the credit crunch and student loan crisis - has left them seeking alternative means to save money and pay for school.

Chelsea Jacobs, A&S '10, a psychology major and international studies minor in the pre-med program, decided she would take on a heavy course load and graduate early to save money.

"I'm the oldest of seven, so my parents are definitely happy about it," Jacobs said. "But it's likely all my younger siblings will have to go in-state."

Jacobs also earns money working in a psychology lab, and hopes one day to be able to contribute to her siblings' tuition costs.

Though the decision to start BC a semester late to participate in a volunteer program in Ghana and graduate in three and a half years was nerve-wracking for Jacobs, ultimately she feels she made the right choice.

"It was really difficult coming into school in January - everyone already had friends and was excited to be back," Jacobs said. "It took me longer to get adjusted, but I'm graduating early and I've had many great experiences."

Jacobs, who aspires to become a neurologist, estimates she's saving upwards of $20,000 by graduating early.

Al Dea, CSOM '10, is taking a preemptive approach to his financial challenges by saving extra money now to be able to afford graduate school in the future.

"My parents have worked very hard to put me where I am and I appreciate all they have done, so I realize that if I wanted to continue my education that I needed to also put in something as well," Dea said in an e-mail.

On top of his responsibilities as vice president of the Undergraduate Government of Boston College's (UGBC) student senate, Dea has become a RA to save on room and board, and also decided to keep working at his summer job into the school year.

He is also overloading on classes so he can start taking graduate courses during his senior year.

"While it certainly has not been ideal, the financial issues that did exist with me wanting to continue on with my education have also allowed me to explore opportunities that have helped me figure out what I have wanted to do … So while there are times when the financial aspect might be difficult and frustrating, I try to keep a positive attitude about it all," Dea said.

Though the financial benefits of heavy workloads and extra shifts at part-time jobs are helpful in a time when the future of the nation's economy is unclear, BC's director of student financial strategies said it is important for students to weigh the pros and cons.

"It's not just about the classroom for our students," Bernie Pakala said. "They're looking for a more full experience."

Pakala also said that students in financial trouble should feel comfortable seeking help and talking to financial offices about their need, regardless of their personal situation.

"Many families have come to us asking 'what options do I have to help keep costs down?' These are people who don't necessarily qualify [for financial aid], but are looking for alternative options," Pakala said.

Despite the troubles these and numerous other students at BC are experiencing because of the struggling economy, some argue it is a good lesson to learn while students still have the supportive atmosphere of a university setting.

"Families are now realizing that maybe there are better options, and it's helped students to realize the value of their education," Pakala said.

Kara Galer, A&S '10, who juggles two jobs - one as a research assistant at Massachusetts General Hospital and the other as an ice cream scooper for White Mountain Creamery - agrees.

"I think students need to be more informed. Most of the students here are from middle or upper class, but you can have money and still understand the value of a dollar," Galer said in an e-mail she sent as she rushed from one job to the next. "Students who get money from their parents instead of getting a job are blind to how bad the economy is. When you're spending your meal plan at Lower, it's easy to feel like you're spending monopoly money."

As for Carucci and her loan troubles, she was able to find another bank to issue her a new loan, but only after dealing with being withdrawn from the University and all her classes first.

"It was awful. I didn't get any of the courses I wanted - and here I am feeling it was my fault," Carucci said. "There's just so much confusion around all this - no one, BC, ASA, or my family, really knew what to do."