Turnout low at financial forum

While UT looked to educate students about financial aid opportunities through three Financial Aid Forums this week, the first two sessions garnered minimal student attendance.

Despite efforts to advertise the forums, Lisa Hasselschwert, director of Rocket Solution Central, said she was disappointed by the student turnout.

"You are students, you have a lot of other things going on obviously, but this is important, too, and the sooner you get it done and get it behind you, the less you have to think about it, the more you can focus on school or work and juggling [those responsibilities]," Hasselschwert said.

The few students who did attend the forums seemed to find the information helpful.

"It was good; she covered a lot of information, like if you didn't know anything about the financial aid system she covered that well, so I definitely learned a lot from it," said Moivee Sheriff, a freshman majoring in criminal justice. "If more people came to listen, it would help them out too."


UT hosted the forums in reaction to student concerns about the current economic conditions in the country. Hasselschwert said because UT is a direct lending school, students do not need to worry about their federal financial aid.

"All the changes and the ups and downs that have been going on in the economy will not affect how we deliver our federal student loans," she said.

Those federal loans include both the subsidized and unsubsidized Stafford Loans, as well as the Parent PLUS loan and the Grad PLUS loan. As a direct lending school, there are no banks involved in UT's federal loan programs.


"We deliver the funds directly to students via the department of education, so while all these credit problems and ups and downs in the market were occurring for the banks, we stayed unaffected because we're part of the direct lending program," Hasselschwert said.


According to Hasselschwert, the direct lending process is much "cleaner and faster" than alternative loans, which may carry the added disorder currently being felt within the banking industry. During Wednesday evening's forum, Hasselschwert outlined the key components and differences between all of the federal loans as well as suggestions and advice for students who may rely on alternative loans from private lenders.


"They can be a very good tool," she said. "Just understand the differences and the ins and outs as far as interest rates and repayments."


In addition to discussing how each of the federal loans work, Hasselschwert took the audience through a step-by-step presentation of how to find online resources pertaining to financial aid, such as the Free Application for Federal Student Aid, UT's financial aid Web site, scholarships and alternative loan information.


Hasselschwert also stressed the importance of "borrowing smart," suggesting students develop a projected budget before deciding how much to borrow. Within the projected budget of tuition and fees, books and supplies, housing and food, transportation and miscellaneous expenses, Hasselschwert warned students to borrow only what they need and cut back on expenses that may not be necessary.


"There are things you can do in the short term that can help you in the long term to not borrow so much," she said.


Amy Burns, the debt management adviser at UT, reiterated Hasselschwert's advice by telling students to "live like a student now, not after you graduate."


One of the most important factors discussed at the forum is making sure students prepare themselves financially for the next academic school year.


"Honestly, if students get their FAFSA filed before they go home in May, they are so far ahead of the game," Hasselschwert said. "Waiting till June, July or August really puts the crunch on them."


Hasselschwert said if she could offer any advice to UT students, it would be to file for FAFSA as soon as possible, read and understand the terms and conditions of their loans and become more involved in the financial aid process.


"You hear a lot of students say, ‘My mom is taking care of that for me.' That's great to have your parents assist you with it, but in the long run you're probably going to be the one to pay it back, so the whole ‘borrow wisely' thing is huge," Hasselschwert said.


The final Financial Aid Forum will be today from 10 to 11 a.m. in the Student Union Building room 2592.