Budget Issues for Newly Admitted Students

Group 3: Ke Ruan, Jennifer Hicks, William Sammarco, Jim Skala

Problem

In the shadow of budget problems in the State of Illinois, a concern for all students is increasing tuition costs and the availability of money.

Hiring freezes result in larger class sizes and less individual attention

Lack of budget funding is the driver for tuition increases up to 20% and the State MAP grant may be reduced as well.

Background

Illinois owes the University a half billion dollars

The State of Illinois is defaulting on budget agreements to the University of Illinois simply because it doesn’t have the cash flow.

Drastic measures to cut spending and control routine costs have negatively impacted students financially and has harmed the quality of education offered.

Alternative I: Finish School Early

Benefits: Finishing an education at UIC one year

early will save $12,056 in tuition and fees alone (CollegeBoard).

Addition Federal funding is offered to those taking summer courses.

Enables early entry to job market and produce income.

Alternative I (Continue)

How? Take maximum credit hours (18)

› Speak with your Dean about an override to take more than 18 credits.

Take funding from summer school to maximize federal funding (you get more federal funds if you take summer classes).

Alternative II: Balance Academic and Work

Take 15 credit hours and maintain a part-time job during semesters to pay interest on students.

Work full-time during all breaks to maximize income.

Gain experience and build your resume by searching for internships.

Alternative II (Continue)

Under the four-year program: Students will be able to focus on

education. Secure funding for school. Gain work experience and develop

valuable social relationships.

Alternative III: Consider Extending Your Graduation Date

Consider a part-time academic schedule to pursue the following alternatives:

Seek full-time employment with companies offering tuition assistance programs.

Search for co-ops to gainincome, work experience, and the potential to graduate employed.

Alternative III (Continue)

Working Full-Time Schedule: Provides insight to potential career

paths of interest Helps determine your choice of major. allows you to build a savings to fund

future educationsal costs. Online classes on non-traditional hours.

Conclusion

In light of all the economic uncertainty it’s important to consider all the pathways that exist to reach your academic goals.

When planning finances a student should consider their current and anticipated financial needs along with their personal circumstances.

Reevaluating newly available funding periodically

Conclusion (Continue)

Therefore: We recommend Alternative II

› newly admitted students balance their academic work while gaining entry level experience though internships and part-time employment.

The Best way to predict your future is to create it.

From Professor Corte