Up to the Minute & CBS Morning News - 2009-03-05
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Read a transcript preview of “Up to the Minute & CBS Morning News - 2009-03-05” from malgent, uploaded on 2025-08-07.
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Language: English (original, YouTube automatic captions)
[0:00] BS.
[0:03] [Music]
[0:08] >> In this recession, it's getting harder
[0:10] and harder to pay for a college
[0:11] education. In January, the number of
[0:13] students seeking federal financial aid
[0:16] jumped 14%. The good news is 92% of
[0:20] private colleges and universities plan
[0:21] to increase their student aid budgets.
[0:24] As CBS's Byron Pittz tells us, some
[0:26] colleges are taking aggressive steps to
[0:28] make college more affordable.
[0:31] >> Any other semester, Susan Mascola might
[0:33] have been forced to drop out of school.
[0:36] A senior at St. Peters College in Jersey
[0:39] City, New Jersey. Her family came up
[0:42] short on tuition.
[0:43] >> My parents cannot pay right now.
[0:46] >> She's not alone. In years past, the
[0:48] small private schools saw about 12
[0:50] students a semester who were unable to
[0:52] pay their tuition. But last semester,
[0:55] that number jumped to 123, nearly 5% of
[0:59] the student body.
[1:00] >> This is about as bad as it's been.
[1:02] >> College President Gene Karnacia realized
[1:04] he had a major problem. So, he came up
[1:06] with a plan.
[1:07] >> We try to be very flexible. We've
[1:09] tightened our belts here at the college
[1:10] and trimmed our budgets to try to free
[1:12] up some additional resources.
[1:14] >> How? By cutting back on things like
[1:16] daily trash pickups to twice a week,
[1:19] saving $100,000 a year, they've delayed
[1:22] hiring, a $200,000 savings. All in an
[1:26] effort to increase financial aid
[1:28] packages to keep kids like Susan in
[1:30] school. Across the country, colleges are
[1:33] taking extraordinary steps to reduce the
[1:36] financial burden on students. One
[1:38] school, William Jessup University in
[1:40] Rockland, California, has lowered its