Sc Student Loan

Colleges, students getting anxious

August means back to school in places across the country, but there is concern the fall ritual could be sideswiped by the U.S. debt ceiling fight.

Uncertainty over Pell grants and direct student loans is bubbling up, and mid-August may be a convergence point for critical payments of funds from Washington to the states, a check of South Carolina’s major public universities shows.

It’s another indication of how connected the states are to the federal government, and how unchartered the waters of a debt-induced shutdown would be if Congress fails to raise the ceiling by Aug. 2.

“In my opinion, schools would be able to weather the storm a week or two, but beyond that, students would be impacted,” predicted Chuck Knepfle, financial aid director at Clemson University, where classes start Aug. 24.

Student fees at Clemson are due Aug. 23, he said. The school typically disburses federal funds such as direct loan payments due to students 10 days ahead of the fee deadline, then collects those funds from the government later.

Like other schools, Clemson has not received any specific guidance from the government about how a shutdown would alter normal operations such as student loan dispersal, Knepfle said. Federal officials, in fact, from President Obama to congressional leaders continue to say a shutdown will be averted.

The only guidance Clemson has gotten regarding what may lie ahead came months ago when the government was threatened with a shutdown in the spring, Knepfle said. The advice from the federal government was that short-term effects from a shutdown would be virtually nil, he said.

Clemson’s in-state tuition is $6,152 a semester; 19,453 students are expected this fall, and 43.3 percent of them will use federal financial aid – Pell Grants or federal loans, Knepfle said.

“Clemson could cover that until we can make the drawdown,” Knepfle said. “And I can’t imagine the school would charge late fees. No school would if it didn’t have to.”

At the University of South Carolina, where its 26,000 students return to class Aug. 18 and the $5,084-a-semester fees are due a day later, the main concern involves interest on loans primarily to graduate students.

Federal subsidies put off interest on certain loans until a student’s education is completed, said Ed Miller, USC student financial aid and scholarship director. Failure to raise the ceiling could kick that interest into play immediately, while the student is still in school, adding substantial additional costs, Miller said.

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