Students struggle to stretch, manage financial aid
By Kimberly Mackesy
Daily Bruin Staff
Colleen Kennedy knows how important it is to learn from past
mistakes. Kennedy, a sophomore music student, spent her entire
winter quarter financial aid installment long before the quarter
was over.
"I just had no concept of budgeting," Kennedy said, adding that
this quarter she is taking more careful measures to budget her
money.
"I deposit (the check) in my savings account, and I make sure
that at the beginning of every month I just deposit one-third of my
check into my checking account. It’s tight, but it’s working."
Financial aid checks are sent to students just once per quarter.
For those who can’t carefully control their spending habits,
running out of money before the end of a quarter is an inevitable
inconvenience, students commented.
"I blew all my money on drugs and alcohol. Just kidding," said
Jeremy Becker, a first-year psychology student. "But seriously, I
used it to pay off my credit cards."
Although most students try to monitor their expenditures in
order to avoid running out of money too quickly, financial aid
checks present a hard-to-resist temptation, students said.
And once the money is gone, other measures must be taken to make
up the difference.
"I’m going to either work more hours or take more money off of
my credit cards," Becker said with a laugh. "It’s a vicious
circle."
"I’m eking it out with my job, and not eating, things like
that," Kennedy said. "I live with my boyfriend, and he’s pretty
good about helping me out with groceries and things when I need
it."
Students who have difficulties managing their money can see a
counselor in the financial aid office on a walk-in basis, officials
said. But no formal budgeting workshops are offered by the
financial aid office due to the high volume of students on
financial aid, said Brenda St. Cyr, assistant director for training
and compliance.
"We hope that at some time we can do that. We just have too many
students to serve to be able to offer those kinds of workshops,"
she said.
Students who are strapped for cash and need money immediately
can apply for an emergency loan of up to $100 at the Student Loan
Services office at A227 Murphy Hall.
But emergency loans are not a cure-all, because students who
take them out must repay them within 30 days.
Although financial aid recipients are finding their money in
short supply, other students not on financial aid are also having a
hard time making their money last.
"I didn’t get financial aid, but I’m broke anyway," said Sanam
Khaliki, a fourth-year mathematics student.
"I’m using my credit cards until my next paycheck comes in," she
said.