Bridges Helps Seniors Overcome Financial Barriers

Greer High School senior Stephanie Torres has high grades, loves math, and hopes to major in finance at the University of South Carolina Upstate. She dreams of someday working in the stock market, yet finance is also a major barrier in Stephanie attending college.

Bridges to a Brighter Future senior Stephanie Torres (left) with Norsaahad Dillard. Credit: Bridges to a Brighter Future

Stephanie’s parents both work in the manufacturing industry. Due to her family’s financial situation, before Stephanie became a part of the Bridges to a Brighter Future program, she did not think that she would ever be able to afford college. This is a growing concern for low-income students nationwide.

According to Education Week, in 2010, average tuition and fees reached $7,605 per year at four year public institutions and $27,293 at private colleges. With these figures, sending even one child to college can seem impossible for low-income families. According to a report by Education Trust, every year, typical low-income students' families are required to pay or borrow an amount equivalent to three-fourths of their household income to cover college costs.

While federal aid is available to offset educational costs, many low-income students face challenges in simply applying for funding. To be eligible for federal aid, every student must fill out The Free Application for Federal Student Aid (FAFSA). Filling out the FAFSA can be a long, tedious process, as it requires gathering tax returns, income records, and bank statements. While the federal government has been making changes to the FAFSA over the last five years, it is still a challenging form, particularly for low-income students whose parents did not attend college. Parents who are not familiar with the process may be resistant to providing financial information.

For this reason, Bridges hosts a FAFSA workshop in February for seniors. Financial officers come to the workshop to walk students and parents through the process step-by-step, telling them what documents they need and explaining terminology. Check out this Flickr slideshow to see more of the ways Bridges helps students make smart financial decisions about college.

“My biggest obstacle in going to college is money,” Stephanie said. “But Bridges helps you fill out your FAFSA application and if you don’t know something, there’s always someone right by your side.”

However, filling out the FAFSA is just the first step. Once students receive their federal financial aid packages, even with additional scholarships, the amount may fall short. Watch this interview with Dr. Allison L. Hurst, Assistant Professor of Sociology at Furman University to learn more about the financial challenges that federal policies create for low-income students.  Dr. Hurst's research focuses on class and higher education and I had a great time talking to her about these important issues!