Even during the best of economic times, it can be hard for students to scrape together enough money for St. Thomas’ private-school price tag. But as unemployment rates climb along with tuition costs, many students are frantically searching for ways to pay their tuition bills.

“Paying for this semester was really tough,” junior Jack Dowd said. “I’m taking out more loans, paying more out of the pocket, taking on two jobs and even taking from part of my little brother’s college fund. I’m planning on paying him back once I graduate and get a job.”

Dowd started out with money in a college savings fund, but after two years of private college it was wiped out. And the economy made matters worse.

“A lot of what my family had invested was affected by the stock market crash,” Dowd said. “Also, my dad is a broker and my stepmom is a sales rep, so obviously with the poor economy they’re not going to be seeing as many sales or opportunities.”

The number of St. Thomas students and parents dealing with difficult financial circumstances has increased, according to Kris Roach, director of admissions and financial aid.

“We’re seeing people with more concerns,” Roach said. “We’re seeing people who have been laid off, some dealing with bankruptcies and foreclosures. We’re also hearing more of people who are employed but instead of making 100 percent of their income they’re taking a 20-30 percent cut in pay. We’ve also heard from small business owners whose businesses are drying up.”

The financial aid department is receiving more special circumstance appeal letters due to financial crises such as these, Roach said.

“[The number of letters received] is an increase over last year which was an increase over the year before that,” she said. “It’s a compounding issue. None of us really knows what next year will bring yet, but we can hypothesize that there will be additional concerns until things stabilize.”

More loans, more debt for students

Roach said the number of students filing the Free Application for Federal Student Aid (FAFSA) has gone up, as has the number of students applying for loans.

“I’ve taken out more loans this year due to lack of money from summer jobs,” said junior Danny Rodemann. “Because of the economy it’s harder to find a job during the summer. I’m trying not to go too far into debt, but it’s tough.”

Dowd also applied for more loans this year to offset tuition costs.

“Last year I only took out a subsidized loan, but this year I’m taking out subsidized and unsubsidized loans. I’m also looking into taking out loans from the bank,” Dowd said. “It’s a lot more than I’ve ever taken out before.”

Dowd works as an Ireland Hall night access attendant and a Residence Life desk worker, and every dollar he makes goes straight to his college fund which he uses to pay for tuition. Even so, he knows he’ll be in debt when he leaves college.

“I’m going to be at least $20,000 in debt after I graduate,” Dowd said. “I’m not looking forward to paying that back. We’re getting a great education at St. Thomas but it’s so expensive.”

Rodemann said that this year, he’s heard more students talking about the difficulties they’re facing with tuition costs.

“Paying tuition has always been a big deal, but now students are frustrated and worried,” Rodemann said. “There’s a lot more outrage in the discussions.”

Ways to make it work

If students’ financial situations worsen over the semester, Roach encourages them to update the situation with the financial aid office.

“When you apply for financial aid, it’s like taking a snapshot of your family financial picture,” Roach said. “If the picture changes, students should come in and meet with a financial aid counselor and we can talk about the special circumstance process.”

Roach said she wants to make sure students know that even with the poor economy, there are still ways to get money for tuition.

“We don’t want anyone to walk away from school or think it’s completely hopeless until we’ve explored all the options,” Roach said

Katie Broadwell can be reached at klbroadwell@stthomas.edu