U. to help students hurt by market crisis

Many foreign students fear the effects of the Asian economic crashes. Asian students suffering financially from the recent market crashes in their home countries can expect the University to be lenient in collecting tuition this spring, Penn officials said yesterday. The announcement came amid outcries from Korean, Malaysian, Indonesian and Thai students -- those Asians most affected by the crisis -- who said they feared that devaluations in their currencies resulting from the financial instability would force them to suspend their education at Penn. A few graduate and undergraduate students have already left Penn because the value of their parents' salaries or savings have been cut in half, Office of International Programs officials said. "The University is really trying to help us," said College sophomore Jung-Sun Min, a native of South Korea. "We just want to make sure we can still attend Penn." According to Student Financial Aid Director William Schilling, the University will extend the January 2 deadline for paying spring tuition bills, permitting students who qualify to pay in monthly installments until May. Late fees will be waived. Schilling said Penn's plan will relieve worried students. "The solution will get us through May," he said. "The problem is that we don't know how long-term the market situation is going to be. It's too premature to speculate on what's going to happen in the fall term, but stability is obviously the hope." But the University will not consider extending financial aid to students who do not already qualify in order to help them through the financial crisis, Schilling said. Although most Asian students do not receive financial aid from the University, some are aided by corporate sponsors or the government of their home countries -- both of which have uncertain roles in funding students' education in the future. OIP Associate Director Ann Kuhlman sent an e-mail outlining the University's plan for allowing tuition leniency to the 104 undergraduate students from the four countries most affected by the market crashes. The majority of those undergraduates affected by the crisis are from Korea, whose currency, the won, is now worth about half what it was last July. The e-mail advises students undergoing financial difficulties to visit the Office of Student Financial Services if they are unable to pay their tuition bills in full by January 31. Students who need to make arrangements for a monthly payment schedule may choose a three- or four- month payment plan -- February to May or March to May. But the University will begin charging 6 percent interest on the unpaid balance February 1. Many students and University officials said the currency devaluations would affect no more than half of the Penn Asian population from the four countries. "We've seen a steady stream of concerned students in our office," said Jim Fine, an adviser to international students and scholars. "However, it has not been such a large number that we've become overrun." Many students may opt to find consolation in student cultural associations and friends, Fine added. "Student organizations, such as the Korean Student Association, can act as good support groups for these students," he said.

Please note All comments are eligible for publication in The Daily Pennsylvanian.