Daniel Barkowitz | September 19, 2005
"Myth #4: "This financial aid thing is something my mom and dad need to worry about...""
Well, I do hope this post engenders some commentary and discussion. The subtitle of this post could be "Whose financial aid application is it anyway."
I recognize that with an Admissions application, it is pretty clear who is responsible for the application. In most families, parents may be interested in, but usually aren't involved in completing their son's or daughter's applications for admission. Writing the essays, completing the forms, getting the teachers to write recommendations, copying and mailing the application, all of this is usually handled by the student applying (with, granted, some support from parents -- emotionally, logistically and financially).
Since students are so involved in the admissions process, why then do so many of them turn off when it comes to financial aid process? I have spoken to many students who, when asked why a form wasn't filed on time or whether their parents are self-employed, answer "the financial aid application is something my mom/dad is handling".
Well, it isn't that simple folks.
Let's start at the end and work our way backward to see why this is.
An MIT education (or any college education, for that matter) is your education (the "you" here referring to students). We communicate with you, you own your student account, you are the responsible party when it comes to making payment, and your educational records belong to you. Now, granted, we realize that most of you will have parents who will play a significant role (at least financially, but we hope in many other ways) in your college experience, but without your express permission, we are limited in the ways in which we can communicate with them (both by a little law [ed note: it really isn't little] called FERPA [the Federal Educational Right to Privacy Act] and by MIT's own privacy policy).
So what does this mean for you right now?
You need to be involved in the financial aid application process. Know what is due. Know when it is due. Know about our policies and procedures. Keep on reading the blog. Read the letters and emails we send you during the application process, and -- above all -- make sure you are in the loop. Because in the end, your financial aid is just that -- your financial aid.
Students, what is your take on the issue of your own educational record? Are you ready/eager for this academic independence?
Parents, what is your reaction to this? While paying the bills is an absolutely significant part of making education possible for your daughter or son, are you hesitant or eager to give up your daily involvement in the rest of her/his education?
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The author has filed this entry in the "Financial Aid" section; check it out for further reading on this topic. |
Responses To This Entry:
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Hmmm, now this does provoke thought. My mom's given me a lot of independence with my money already, ever since I was 15 years old. My allowance money is given to me in one bulk sum, and I have to manage it for periods of 6-8 months at one go. (Of course, it's not huge sums like $5000 at one go, it's smaller, like $800-$900.)
I also applied for financial aid in my school, since my family doesn't have a regular source of income ever since my father passed away. Yeah, and my mom works part-time as an office manager for a small company set up by one of my dad's ex-colleagues, so her income isn't that high either. So for lots of personal money matters, I had to take them into my own hands - things like restricting my spending, being picky on when and what I buy, trying not to waste money.
Financial aid, however, is something that should be taken up jointly by both the parents and the student. After all, the parents are paying, but the student is receiving the education. The only big question is how much the parent should give up money management to the student.
From my own point of view, I'd want to try to manage my own money in college, because it's a practially applicable skill for life. Getting an on-campus job would be useful too, so that I have a source of income and hence a steady stream of money. I'd still let my mom know about my own financial situation whenever she asks. (Her biggest question is usually, "Do you have enough money in the bank?")
I'm really glad that my mom allowed me to manage my money on my own, because it's given me some form of confidence in handling money that I used to lack before. I've made mistakes - the biggest, of course, being overspending beyond my monthly limit - but that's all part and parcel of learning, so it's still better for me to make all these small mistakes now, before I make them in the future. I feel that this monetary independence should also be given to others too, for it would give them a chance to grow.
Yup, so that's my take on the issue - that I'm both ready and eager to try my hand at money management. After all, I'd like to continue growing and learning, and money management would be an important aspect to consider.
Posted by: Eric Asava-Aree on September 20, 2005 10:05 AM
As I got older my parents have been less involved in my academics, meaning they don't ask if I've finished my homework and they trust that I can organize my own things myself. However they still pay half of tuition and for my textbooks, and are always available for homework help. I end up telling them everything anyway and I print out my grades for them when available. I think this level of involvement will continue at MIT (except maybe the homework help :P).
I think that my dad is eager to let me learn to be independent (with all the disappointments and failures that come with this part of growing up), but my mom was happy that at least she could watch over me and make sure I wasn't going out of line or something. If there was any change in involvement, I think she would become more active if I attend MIT and would ask about how things are a lot more often.
Posted by: Lisa Dahl on September 20, 2005 08:33 PM
Mr. Barkowitz,
If you could address my concerns about students working and self-help, it'd be much appreciated. As I understand it right now, all the work I've done for pay contributes to my family's income, and thus reduces my need, which reduces my financial aid package. The money I've earned doesn't go towards the $5500 self help, even though that's what that is.
It gets worse. My father just got a new job in December, after being in between jobs or unemployed for the past three years, and it looks like MIT wants the 2005 data, which has his higher-paying job. Is there a financial aid form that is perhaps better representative of his income over the past few years?
It just seems unfair to me that because I helped support my family, that it's not only harder for me to get in, but also creates MORE of a financial burden than if I hadn't worked. I'm sure you can understand my frustration. I apologize for it, but I don't think it's unwarranted.
What do you recommend?
- Timur S.
Posted by: Timur Sahin on September 22, 2005 02:51 AM
Dear Director Barkowitz;
Actually, the payment part is sort of frightening. Many students (at my school, at least) don't really have experience with not having enough money, so they pay for things without a second thought. I think that it will be startling for them to realize that there are such things as budgets. I think I'm prepared to deal with it, however.
I've been academically independent for some time. My records have been my own: it doesn't frighten me that I will be personally responsible for my own academic record and performance.
Posted by: Victoria on September 28, 2005 02:39 AM
