Financial aid in high demand during tough economic times

Affording a college education in today’s economy entails much more than a simple “penny for your thoughts.” With the cost of school books alone leaving students’ pockets emptied, the GCSU administration has witnessed an increase in the number of students now taking advantage of financial aid services such as the HOPE Scholarship, Pell Grant, Federal Loan, the GI Bill and the Student Employment Federal Work-Study program.

The University’s Federal Aid Department recorded a 13 percent increase in the amount of students applying for federal aid this year, whereas the Pell Grant has increased its recipients by 41.9 percent and, according to dollars dispersed, a 67.3 percent increase when compared to the 2008-09 school year.

Director of Financial Aid Cathy Crawley stresses the matter of grant money existing specifically for the most financially-needy students.

“In past years if we see a dozen Federal Grant applicants, it’s pretty typical; this year, we’ve had over 100. What I’m talking about is that these are parents of students that have lost their jobs, they are really hurting because of the economy, and in many instances, these students became eligible for grant money,” Crawley said.

In response to the high demand of financial support, escalating prices and knowledge of families in need, GCSU was able to secure discretionary money for financial aid through the form of 20 Sodexho meal waivers.

Ten of the waivers received by students included the equivalent of $500 in books.

“We’ve never had anything like this before at Georgia College, so we were able to help some students who otherwise would not have been able to stay here,” Crawley said.

Another financial resource concerning students who do not qualify for the Pell Grant are Federal Student Loans.

Though essential that the student maintain a responsible level of loan debt, Financial Aid looks kindly upon loans as an investment the in future of a student.

Federal loans have also experienced increases by 44.9 percent in number of recipients, and 33.9 percent in dollar volume.

As financial aid use rises, GCSU did not see a decline in enrollment for Fall 2009, in fact, there was a 2 percent increase.

Assistant Vice President for Enrollment Management Suzanne Pitman credits the increase in enrollment to the university’s public university status.

“Because Georgia College is a public university and costs less than private universities, more students applied knowing it would be a financially stable and obtainable choice,” Pittman said.

The latest addition to financial aid is the GI Bill which, like the HOPE Scholarship, is funding designated to tuition and fees. Though established for military personnel, these benefits can be passed to a descendant if desired, resulting in traditional freshman walking into the University System who qualify and must choose between the HOPE Scholarship and GI Bill.

If a student finds themselves without a scholarship or grant of some caliber, they may be eligible for Federal Work-Study, where on-campus jobs that work around the student’s class schedule are provided.

“I would definitely recommend the financial aid Federal Work-Study to freshman. It gives students an opportunity to work around campus, do work that is productive and beneficial for the future, and get to know faculty and staff on campus,” junior Madeline Balmes, a marketing major and FWS employee, said.

GCSU staff as a whole strives to raise awareness of resources so that students seeking financial well-being can be provided with the necessary aid to guarantee a rewarding educational experience while attending college.

Posted by Colonnade Archives on Sep 11 2009. Filed under News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry