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Before college, lessons in finance

When students set out to pick what college they'll attend, the cost can be a big determining factor. And Bright Futures scholarships give Florida schools an advantage.

By SHANNON COLAVECCHIO-VAN SICKLER
Published April 23, 2006

Krystal Gladden learned a few days after spring break that Spelman College wanted her to be part of its next freshman class.

"I was pacing in the kitchen, I was so excited," said Krystal, a senior at Bloomingdale High in southern Hillsborough County. "It opened up so many opportunities."

Then reality set in, and Krystal - like many of Florida's brightest students - began weighing her opportunities against her family's checkbook.

Tuition, room and board at Spelman - a private, historically black women's college in Atlanta - costs nearly $25,000 a year. That's three times more than what she would pay at Florida International University in Miami, where she also was accepted.

The major difference is Bright Futures, the Florida scholarship program that covers full tuition costs for top students . . . if they enroll in one of the state's 11 public universities.

Bright Futures can also be used at private universities in Florida, but in 2006 the limit was $1,942 per semester. For that reason, most students apply Bright Futures scholarships to public colleges.

Crystal is struggling with her decision, as are thousands of Florida's high school seniors. They have until May 1 to decide.

"The economics play in a lot," said Krystal, 18. "I'm just making sure we have enough money."

With college costs rising and surveys showing that fewer families save - leaving many students to pay for college themselves - the decision often boils down to money. And in Florida, where public university tuition already is among the lowest nationwide, Bright Futures has become a tempting bonus.

During the 2004-05 year, more than 130,000 Florida students received a Bright Futures scholarship. That's up from 70,000 five years ago.

"All of the state universities are seeing more and more students apply because of Bright Futures," said Janice Finney, associate director of admissions at Florida State University, where almost 30,000 students applied for 6,200 spots.

"When you can get free tuition and $600 for books each year, it really sways your decision," she said. "Reality sets in when they get their financial aid packet and they see how much a private university is really going to cost."

A recent Wall Street Journal Online/Harris Interactive poll found that while most parents of a child 18 or younger expect their child to go to college, most haven't saved to pay for it. Sixty-nine percent expect their child to get scholarships or financial aid.

"A lot of these students' hearts are broken," said Connie Boyle, a guidance counselor for the International Baccalaureate program at St. Petersburg High. "They just don't have enough money. Even those that do, they struggle because they also want to attend graduate school. So they wonder whether they should spend all that money now, or wait."

Kaitlin Holdstein decided to wait. A senior in the St. Petersburg High IB program, Kaitlin wants to be a doctor.

She got accepted at Loyola University in Chicago, Emory University in Atlanta, as well as the University of Florida and the University of Central Florida.

Loyola offered Kaitlin a scholarship of $8,000 a year, but that would shave just 30 percent off the annual tuition of $26,150. And that doesn't include room and board.

Her family is middle class, and Kaitlin's brother is a freshman in the IB program - meaning his college bills are a few years away.

The family was prepared to cover Kaitlin's room and board and other incidentals, but they were counting on the free tuition offered by Bright Futures, said Kaitlin's mom, Nancy Holdstein.

"It was kind of like, you can go anywhere you want as long as it doesn't cost any more than what you would pay here with Bright Futures," Holdstein said. She also reminded Kaitlin that if she goes on to medical school, she will likely have to take on hefty loans.

So a few weeks ago, Kaitlin notified UF that she will be part of its freshman class.

"I think it would have been fun to get out of the state to experience something different," she said. "But one of the biggest factors the whole time has been money, trying to avoid debt now because I know I'll take it on later."

According to the National Association of Student Financial Aid Administrators, the average undergraduate now leaves college carrying nearly $18,000 in debt.

Total expenses - including transportation, tuition and fees, room and board and books - average $15,566 for undergraduate students attending a public university in their own state. Total expenses at private universities average $31,916.

With prices like that, an affordable state university covered by Bright Futures makes sense for the undergraduate years, said Bob Spatig, admissions director at the University of South Florida.

"Students are choosing to stay as part of a long-term goal," Spatig said.

Sanel Velic is valedictorian of his class at Robinson High in Tampa. A native of Bosnia, he got a 1,370 on his SAT, even though he didn't learn English until he was 7 years old. In his four years at Robinson, he has earned nothing but As.

Sanel, 17, got acceptance letters from Carnegie Mellon, Northwestern, Vanderbilt, Mercer, Georgia Tech, USF and UF.

He would love to go to Northwestern, but it would cost more than $45,000 a year. His parents, who fled Bosnia in 1995, barely make that much in annual income, Sanel said. His father is a machinist, his mother a seamstress.

"I would have to take out so many loans," Sanel said. "If I stay in Florida, it's cheaper. And I am going to graduate school anyway, so maybe I can save for now."

USF has offered him more than $10,000 a year in scholarships and aid - on top of Bright Futures.

"That's quite a sum," Sanel smiled.

He hasn't officially decided on USF, but he said he'll probably go there unless UF offers him a similar scholarship package.

Finney, FSU's associate director of admissions, said not all students decide with their pocketbooks.

"There are some students who, if Duke accepts them, they're going to go even if it means taking out loans," she said. "In the end, sometimes they just have to follow their heart."

That's what Satyan Sreenath did.

Satyan, 18, is a senior in the IB program at St. Petersburg High. He is an aspiring doctor with an enviable pile of acceptance letters: University of Miami, Boston University, Emory, Case Western Reserve, UF.

Bright Futures would cover Satyan's tuition at UF, which has a well-regarded medical program. UM and Emory, his top choices, cost more than $40,000 a year, including room and board.

Satyan's father is a doctor, his mother a homemaker. They live in Seminole and already are putting his older brother through the University of South Florida.

So Satyan thought a lot about money when making his choice. Last week, after UM offered a scholarship of $20,000 a year, he accepted.

"I debated it for a long time," Satyan said.

Krystal hasn't decided yet between Spelman and FIU, but her mother is determined to send Krystal to Spelman.

"If that's where she has set her heart on going, we'll support her somehow," said Linda Gladden. "She's going to finish the four years at Spelman, even if I have to work 20 jobs."

Shannon Colavecchio-Van Sickler can be reached at 813 226-3403 or svansickler@sptimes.com

High school seniors have until May 1 to choose a college or university. Many students who qualify for a Bright Futures scholarship can go to a Florida university tuition-free, but if they are accepted to an out-of-state or private school, the decision often comes down to money. Here are the financial decisions facing several Tampa Bay area students:

KRYSTAL GLADDEN, 18,

Bloomingdale High, Valrico

Florida International University

Cost: $2,450 for tuition (24 credit hours per year), $4,800 for on-campus housing, $3,700 for unlimited meal plan. $10,950 Total. She qualifies for Bright Futures. She would pay $8,500.

Spelman College

Cost: $13,525 for tuition, $2,420 in student fees, $8,455 for room and board. She would pay $24,650.

KAITLIN HOLDSTEIN, 18,

St. Petersburg High

University of Florida

Cost: $2,475 for tuition (24 credit hours per year), $3,486 for housing, $3,294 for unlimited meal plan. $9,255 total. She qualifies for Bright Futures. She would pay $6,780.

Loyola University Chicago

Cost: $26,150 for tuition, $9,714 for room and board. $35,324 total. Loyola offered her an $8,000-a-year scholarship. She would pay $27,324.

SATYAN SREENATH, 18,

St. Petersburg High

University of Florida

Cost: $2,475 for tuition (24 credit hours per year), $3,486 for housing, $3,294 for unlimited meal plan. $9,255 total. He qualifies for Bright Futures. He would pay $6,780.

University of Miami

Cost: $29,504 for tuition, $8,906 for room and board. $38,410 Total. UM offered a $20,000-a-year scholarship. He would pay $18,410.

SANEL VELIC, 17,

Robinson High, Tampa

University of South Florida

Cost: $2,588 for tuition (24 credit hours per year), $3,304 for on-campus housing, $3,500 for unlimited meal plan: $9,392 total. The school is offering him more than $10,000 in scholarships and aid, and he qualifies for Bright Futures. He would pay zero.

Northwestern University

Cost: $33,408 for tuition, $10,266 for room and board, $1,488 for books and supplies. He would pay $45,162.

[Last modified April 23, 2006, 00:51:05]