Page 30 - BusinessWest February 7, 2022

ence; most students wouldn’t at 18 years old. That’s another benefit of work study.”
Gross stressed that jobs on campus are available, but not guaranteed. “You still need to interview for a job, show up, demonstrate skill, or you could lose the job.
“It’s a good opportunity for stu- dents,” he added, “but at the same time, with COVID-19 stress and aca- demic demands, you always want
to have a family conversation about whether working the first semester makes sense, or if it’s better to adjust to all the academic issues before working.”
A Dramatic Shift
A few colleges have made a splash in recent years by eliminating loans from their financial-aid packages and replacing them with grants. Smith Col- lege recently announced it would begin doing that starting this fall.
This expansion of the college’s financial-aid program represents a new annual investment of $7 million, which will bring the college’s total aid award- ed next year to more than $90 million. All students receiving need-based insti- tutional aid, which represents more than 60% of the student body, will receive an increase in their grant fund-
ing from the college.
“Eliminating loans from financial-
aid packages will enable Smith to recruit and enroll the best students, regardless of family resources, and enable future alums to begin their careers or continue their studies with their debts greatly reduced or elimi- nated,” President Kathleen McCartney wrote in a letter to the campus body last fall. Reducing college debt, she added, “will be life-changing for stu- dents, families, and future alums.”
In addition to providing financial aid, Smith will award one-time ‘startup grants’ of $1,000 to entering students with an expected family contribu-
tion of less than $7,000. And to seniors graduating in 2022 with need-based institutional grants, Smith will offer one-time ‘launch grants’ of $2,000 to help with the cost of transitioning to life after college. All these new initia- tives will be funded through gifts to the college and recent endowment gains.
That’s a turn for the better for many students at the Northampton institu- tion. But circumstances can turn for the worse, too, on any campus. A job loss or death in the family can sudden- ly put a student in financial distress, O’Connor noted. “There are some resources we use at AIC to try to help students who are enrolled and on their path, but face some financial hurdles, which pop up all the time for families.”
Sometimes the hurdle is too much to overcome, but he stressed the importance of contacting the Financial Aid office sooner than later. “My advice is, if you know you’re having some financial issues, reach out and start those conversations.”
“There are some resources weuseatAICtotrytohelp students who are enrolled and on their path, but face some financial hurdles, which pop up all the time for families.”
Sometimes AIC isn’t the right school for a prospective student right now, but it could be in the future, Cole said. In that case, a transfer path from a com- munity college may be the best option. “The important thing is to keep the same timeline. If you want to graduate in four years as a history major, go get yourself a solid liberal-arts foundation at a community college.
“We can talk about all your options early on,” she added. “Our goal is to have students finish.”
Kemp said families should learn about the Commonwealth Commit- ment program, which aims to signifi- cantly reduce college costs by having students do just that — spend two years at a community college followed by two years at a four-year institu- tion. “We always want to make sure, especially in such challenging times, that we’re as proactive and sharing as much information as possible with the student.”
Gross noted that the federal govern- ment has a process called professional judgment in the case of changing financial circumstances for students already enrolled at WNE or any other college. “We take families through the
Colleges
Continued on page 34
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