College kids are asking for more money

Clearwater, Florida - Colleges and universities are seeing more students applying for financial aid. Many are students who didn't need help in the past.

Marcia McConnell, the financial aid director for St. Petersburg College, says the need for financial assistance is up about 9 percent and statewide it's up 25 percent.

"The majority of students coming in to us now, the circumstances are due to the economic changes," says McConnell. "Loss of job, loss of income, parental income has changed. Also, the parent savings, the family savings for college, have lost so much of those investments."

McConnell says students can file a "change of circumstance" form to reevaluate their eligibility for financial aid.

"One great thing about financial aid right now is there is more and more money poured into financial aid resources," says McConnell.

Pell grants have gone up $500 this year. McConnell adds, to find the extra help students simply need to ask their financial aid administrator at their school.

McConnell says students are advised to take loans only as a last resort. She says there are grants at the state and federal level and at the institutions, plus scholarships and work opportunities at college campuses. Financial experts recommend students file early. They say now would be a good time to file for the summer and fall semesters.

School officials say they've had to add extra staff to free up financial aid assistants to work with students.

St. Petersburg College student Christopher White is midway through his college career and out of money to pay for it. "All my financial aid is based on my 2007 tax returns, when I had a management job, cashed out my 401K and had a decent living."

Last year, White, who was unable to find a job, became a full time student. He hopes a bachelor's degree will give him an edge in today's tough job market.

White says the process allowing him to be reevaluated for financial aid gives him hope. "If you want to go to college, this is America, you can go to college. There is away if you're willing to work hard enough to find it."

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