Winter 2009 - Mitchell College

Invest in
Our Students
C
an you, as a member of the Mitchell College
family, work together during these challenging
economic mes to help youngsters stay in school?
We think you can, so, please read on.
A few years ago, the Perkins loan fund allowed
Mitchell College to loan up to $225,000 to students
with financial need. That amount decreased to
$176,000 then to $133,000, and now its stands at
$45,000. “The pool is based on what is paid back.
That used to happen frequently when a student
consolidated their loans to get a lower interest
rate. In doing so, they paid off their Perkins loans,”
reports Jacklyn Stoltz, Director of Financial Aid.
“Because most lenders no longer parcipate in the
program, few students are consolidang. Therefore,
the Perkins pool has not been replenished and the
amount available has decreased greatly.”
This same story is being replayed across the
country with variaons as the student loan market
ghtens and the number of lenders decreases.
s well, we’ve all heard the testaments of families
with college students whose savings, investments,
rerement funds, and home equity has decreased.
In some cases, one or both parents have lost
their jobs.
Our students are parcularly hard hit….the
average family during this academic year has the
capacity to pay only $15,000 of the $35,000 costs
of an educaon at Mitchell College. Over 25% of
Mitchell students are eligible for Pell grants, an
indicator of the greatest need as recognized by the
Federal government (and part of the reason that
Mitchell was eligible to apply for a Title III grant
which will help build its endowment over the
next five years).
Some colleges can weather the storm because
of substanal endowment. Unl Mitchell
MITCHELL’S FUTURE
be a part of it.
College can build up its scholarship endowment, the
effects of the storm are not buffered. Already, for
the most financially needy (those who can afford
to pay nothing) the College gives up a maximum of
$17,000 of its own funds per student. To meet obligaons,
the rest is usually made up of loans, grants,
and more loans.
That gap can be several thousand dollars but for
some students, it may be the price of textbooks.
In past years, Perkins loans were able to make up
that gap but that is not the case.
“We ancipate that these condions will remain the
same for at least two more semesters,” says
Comptroller and Chief Financial Officer Dyann Baker.
How can you help? If you can, please send a generous
contribuon in the envelope you see to your
right. Every dollar of the funds received will be used
to assist needy students to stay in school. You can
make a direct impact today! Help a young person
who has the promise of a brighter future because of
what they can achieve at Mitchell College.
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Mitchell College 10 MitchellTODAY
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