A shaky economy and rising tuition costs have students questioning whether they can afford to attend Whitman next year, but officials at the financial aid office say they are committed to helping students stay in school.  

“Our first and foremost commitment is to current students and parents,” said Dean of Students and Financial Aid Tony Cabasco. “The key message is that Whitman will continue to help students to the same degree that we have before.”  

According to Cabasco, in anticipation of greater need, Whitman increased the financial aid budget from approximately $18-18.5 million this year to about $19.5 million for next year.  

To raise necessary funds for financial aid, Whitman has implemented budget cuts across the board.  

“We have to find ways to make it work in these unusually tough times,” said Cabasco.

If their finances have remained the same as previous years, students should receive packages similar to what they have received in the past, and those students who have experienced a big change in their finances might also see their package change significantly.  

According to Cabasco, students and their families may be seeing a decrease in home equity and retirement funds due to the present economy; however that will not affect their financial aid package.

“Because we don’t look at home equity in determining financial need, we are not going to look at it now. Families might feel impact of the economy on their home values but it might not directly impact income,” said Cabasco. “The biggest thing we are looking at is job loss, because that has the biggest impact on income.”

Returning students will not receive financial aid packages until May, and full information is not yet available on how the economic climate is impacting their ability to privately fund a Whitman education.  

“We will do as much as possible to see that those students who have been affected by lay-offs and a reduction to income receive the financial aid necessary to return to Whitman in the fall,” said Director of Financial Aid Varga Fox.

Cabasco agreed that the financial aid office may have more students in need of help, but added that, as of now, officials can only speculate as to the amount of aid students might need.  

“The way we’ve calculated demonstrated need before is the same way we are going to calculate it now, but it might be a tough year for students,” he said. “With news stories about Microsoft, Boeing, Starbucks and other big corporations laying off people I start to get worried, because it is going to affect Whitman families and the college. I wouldn’t be surprised if we see more families qualify for more aid than last year.”

Cabasco encouraged those students who may not have applied for financial aid in the past to find out if they are now eligible based on a change in their financial circumstances. Students whose parents have lost their jobs or who now have a significantly lower income to support their tuition are the highest priority for financial aid, he added.  

“We’d like to help those families if we can, but it’s always going to depend on the situation. I’m most worried about the families with the big drops in income…but some people need more help than others,” Cabasco said. “We need to decide who has the most need. It’s going to be difficult for people to afford college any year and this year might be even more difficult.”

Currently, the amount of aid that will be available to students is still in question pending the completion of FAFSA and CSS Profile materials. Cabasco urged returning students not to delay on finishing these forms.  

“The biggest hurdle sometimes with current students is that they don’t get those in on time,” he said.  

The FAFSA and CSS Profile are due to the financial aid office by April 15. Students who do not get their forms in on time are usually given about a month as grace period, after which time Whitman subtracts about 5 percent from their package. Copies of both parents’ and students’ income tax statements are due no later than May 15, and awards will be sent out in mid-May.  

“We’re certainly concerned in financial aid because so much is unknown,” said Cabasco. Although he noted that Whitman is in better economic shape than some other institutions, the future is still uncertain. “Most years we can, for the most part, predict what is coming, but this year we just don’t know.”