An increasing number of Ohio University students are applying for financial aid at a time when money available through one federal program is shrinking, leaving Pell Grants and unsubsidized loans to absorb the shortfall.
Last year, 22,395 students applied for financial aid, whereas this year 24,574 students applied, an increase of 9.7 percent, according to Sondra Williams, director of Student Financial Aid. The increased demand coincides with an $83,000 cut to money in OU's Federal Supplemental Educational Opportunity Grant (SEOG), a program that provides a specific amount of funds each year to the college for distribution among the students. The fund has decreased 10.6 percent this year to $784,000.
The SEOG works on a first-come-first-serve basis and all applications for this fund must be turned in by March 15. OU has decided to give the same level of awards as last year but to about 40 to 50 fewer students, Williams said.
Collections from alumni, which contribute to the amount of SEOG funds, have also been low. OU takes the collections gathered from the alumni and puts them aside for the SEOG.
Collections have been significantly down
Williams said. This is most likely due to the terrible economy and current lack of jobs on the market for the alumni.
The federal government, which provides the bulk of the money, decides how much will be given to the school for the SEOG during the previous academic year. Factors such as changes in tuition, room and board costs and inflation are all considered when setting the level of funding.
- Williams said.
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