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College applicants eye economy warily

By Tessa McLean - The Daily Iowan
October 31, 2008

For most high-school seniors, the college-application process is stressful and exhausting. Now add an economic crisis.

The faltering economy is forcing many high-school seniors to focus on schools in their home state because in-state tuition is significantly less expensive than out-of-state or private institutions, said UI Director of Admissions Michael Barron.

Some survey findings support his statement.

According to an online survey conducted by MeritAid.com, a website that provides information on colleges and scholarships, more than 2,500 of its prospective college-student users are considering less-expensive colleges.

Next Step magazine and ApplyWise.com, an admissions counseling service, found 70 percent of families are seeking more inexpensive options because of changing financial situations or fear that the worst is yet to come.

The UI's out-of-state tuition this year is $19,465, not including the estimated $7,250 cost of room and board. The recent proposal by UI officials for a 7.6 percent increase, around $1,500, in out-of-state tuition certainly isn't calming any fears.

And while more than 29 percent of the roughly 30,000 UI students are from out of state, some officials anticipate a change.

"It is still too early to tell, because of our April 1 deadline, what the turnout [of this year's applicants] will be." Barron said. "I think people are looking more than ever at the net cost of attending college, not just the sticker price."

City High guidance counselor Eric Peterson agreed that it is too early to predict any effects the slumping economy will have on college selection.

"Parents have expressed a lot of concern," he said. "But we encourage kids to look at all schools and stress the availability of financial aid."

Because this is the first class of students that will have to deal with such a sour economy, he said, a trend favoring in-state schools is yet to be seen.

Nevertheless, high-school students seem as concerned as their parents about changing tuition.

"I would like to go out of state for school, but even Iowa has raised its tuition," City High senior Ariel Thomae said. "Since the first two years are pretty basic, I will probably just go to community college and then save up enough money to go out of state."

This troubling economic problem is also reaching those at the UI.

Stephanie Teter, from Deerfield, Ill., will transfer to Illinois State University next fall to pursue a nursing major. The UI sophomore said she couldn't afford to wait to be admitted to the UI program with such high tuition fees. Her parents encouraged the move.

"I had looked at other schools' nursing programs to transfer to, but when it came down to it, I chose Illinois State because it was so much cheaper," Teter said.

A lot could happen with the upcoming election, though.

"It could affect the stock market, it could affect people's retirement, people's investments, it can influence people's confidence in the economy," Barron said. "A lot can change after [Nov. 4]."