Miami University senior Jake Westfall will graduate with more than $48,000 of student debt, $20,000 more than the average Miami student. (Lauren Olson | The Miami Student)
The following article is part one of a three-part series on education at Miami University.
Miami University senior Jake Westfall considers himself lucky.
Westfall will graduate in May with a degree, Latin honors and enters the job market with three internships and three campus leadership positions on his résumé.
However, like many Miami students, Westfall will graduate with student debt totaling more than $48,000.
This year, Miami students are projected to graduate with nearly $28,000 in debt, $4,000 more than the national average for four-year public colleges and universities, according to the College Board. Nationally, student debt rose nearly 18 percent between 2001 and 2011.
More than 40 percent of Miami undergraduates receive need-based aid, although the university has met less than 60 percent of students' demonstrated need over the past five years, as determined by the Free Application for Federal Student Aid (FAFSA).
"Meeting unmet need is a thing that very few institutions can do now across the country," Brent Shock, director of the Office of Student Financial Assistance, said. "It is for 99.9 percent of the institutions across the country, meeting need is just not commonplace. And is not something that I think we'll see happen anytime soon."
This year the university is projected to meet 56 percent of demonstrated student need, according to the Common Data Set. Meanwhile, Miami student borrowing increased nearly 55 percent over the last 10 years, and 54 percent of last year's graduates took out student loans.
Rising student debt levels have impacted students like Westfall.
"It has changed my experience while at school," Westfall said. "My classes are more important to me, what I do, what I make, what I spend, what I look at, what I consider important or significant all matter because I know that I paid every step of the way to be here."
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Shock said the increase in student debt can be attributed to two factors.
"I think it's the financial, economic climate and I think it's the expanded borrowing that the federal government has permitted," Shock said. "And I think it's more of the former versus the latter; I really think it's the economy. We also have an unprecedentedly high number of students across the country entering college for the first time. When people lose their jobs, the safest, most common sense thing to do is to better yourself and better your chances of getting another job by furthering your degree."
Miami's net in-state tuition increased more than 85 percent from 2002 to 2012, outpacing the national average for four-year public institutions by more than 25 percent. This year, Ohio residents paid more than $13,000 to attend Miami's Oxford campus and out-of-state students paid more than $28,000, a 71 percent increase over 10 years.
As tuition has risen, so have other related costs.
Miami's room and board costs have increased more than 58 percent over the last 10 years, rising from more than $6,600 in 2002 to more than $10,500 in 2012. The total estimated cost of attendance grew from more than $28,000 to more than $46,000 for out-of-state students and from more than $18,000 to nearly $31,000 for Ohio residents, a 65 percent increase.
As costs at Miami have increased, students like Westfall have closely monitored their finances.
"I plan my life out weeks and months at a time, which I guess is different than most college students that I have to have an investment plan [and] a savings plan," Westfall said. "So when I do take opportunities, such as internships, sometimes that does affect me financially, but again then you have to [measure] the opportunity versus the financial burden."
Others, like senior Anna Humeniuk, have relied on their parents. Humeniuk's parents have taken out more than $42,000 in student PLUS loans to finance her Miami degree.
"It puts like this damper on Miami because it should be a really good time and a really great experience, but you constantly have this nagging stress of knowing that you're going into debt," Humeniuk said.
Although, according to university officials, Miami has increased aid and controlled costs while giving students a strong return on investment. The university's average financial aid package grew nearly 73 percent over the last 10 years.
"At the end of the day, while we know students are really focused on their ability to afford the education today, the reality is once they leave Miami they'll recognize that the quality of the experience is really what will have the impact on their life," David Creamer, vice president for finance and business services said. "We constantly have to figure out how to balance affordability with the quality of the experience."
PayScale.com ranked Miami first in 2012 among Ohio public universities for best salary potential after graduation, and SmartMoney.com ranked Miami 11th in the nation in 2012 for return on investment.
However, rising student loan default rates nationally have raised concerns among some economists.
"For a variety of reasons we are getting away from the idea that college should be affordable by anybody who wants to do the work and effort to get a degree," James Brock, Miami economics professor, said. "It is becoming increasingly unaffordable, even with financial aid, or it comes at a very high price in terms of debt."
According to the most recent Department of Education data, 6 percent of borrowers at four-year public institutions defaulted within two years, and that number jumps to more than 9 percent for all college borrowers both in Ohio and nationally.
More than 5 percent of Miami students defaulted on federal loans in the same period according to the Department of Education, although Shock said less than 1 percent of Oxford campus students default on federal loans every year.
Despite higher education's rising costs though, Westfall said what is most important is the quality of education students receive.
"I really worried about the quality of the institution I was going to and then figured that any way possible I'd find a way to finance it."
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