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New program will help college seniors realize goals

Posted February 07, 2008 10:00 pm

Adriana Colindres

Last year, Ritchie Higdon found himself struggling to figure out how he'd find $2,400 to pay for the final two classes he needed to earn a bachelor's degree in accounting.

"I kind of was at wit's end, didn't know what to do," he recalled in an interview this week.

Determined to get the money somehow, Higdon found a solution by reading the newspaper. He saw an article about the new Capstone Loan program, which was created to assist college seniors at Illinois institutions who are close to graduating but who have run out of other financial-aid options.

"I thought that it could help me somehow," he said.

Higdon applied for and got a Capstone loan, completed his final course work and picked up a degree late last year from Midstate College.

"It was perfect for me," he said of the loan program. "I just ran out of money, and Capstone was there to fulfill my financial needs."

Higdon, a 32-year-old Peorian, works as a pharmacy technician and hopes eventually to become a certified public accountant. He plans to attend Bradley University in the fall to pursue a master's degree in accounting.

He and Benita Fields, another Midstate student who lives in Peoria, are the first two "Capstone graduates," according to the Illinois Student Assistance Commission, which administers the program.

Fields, 41, also found herself dealing with a tough financial situation last year, shortly before Midstate began its fall term. She was just one quarter away from earning a bachelor's degree in business administration, but she was thinking about not enrolling for the semester.

"I didn't have any other financial resources," she said. "My last quarter in school, I was going to just wait it out until I got my bill paid down with the school."

But she learned about the Capstone program and obtained a loan of about $5,000.

"That was enough to put me over the hump," she said.

Fields works as a logistics technician at Volt Technical Resources at Caterpillar Inc. and would like someday to become a human resources manager. She plans to seek a master's degree in either business administration or business management.

Higdon, Fields and other students who obtain a Capstone loan will have up to 20 years to repay it. Loan terms include an interest rate that starts at 8 percent but can be lowered for some students, including those in lower-paying jobs such as teaching. Incentives also are offered to students who live and work in Illinois after graduation.

The stories of the two Peoria graduates illustrate the need for a program like Capstone, which is in its first year, said ISAC executive director Andrew Davis.

"The idea that someone could be three years and nine months of the way to a degree and run out of money was, on the one hand, an appalling failure of the financial system and on the other hand, a wonderful opportunity for us to provide a solution," Davis said.

As of Jan. 23, 314 Capstone loans had been issued, totaling more than $1.1 million.

Fewer than 10 Illinois schools participate in Capstone so far, but ISAC officials hope to expand that number. Besides Midstate, other participating schools include Western Illinois University, Millikin University and University of Illinois Chicago.

Information about the program is available online at www.collegezone.com.

Adriana Colindres can be reached at (217) 782-6292 or adriana.colindres@sj-r.com.

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