Wednesday, August 21, 1974
7
Student Financial Aid Is Depleted
Ready cash isn't available for the 1974-75 academic session for students needing financial aid, Jeff Weinberg, associate of the Office of Financial Aid, said recently.
"All known undergraduate scholarships and grants already have been awarded," Wiley said.
Weinberg said that more money would be placed in the hands of University students than ever before, but that more students ever before had applied for financial aid.
In fiscal year 1974 (July 1, 1973 to June 10,
1974) the financial aid office made 5,000 decisions on who would receive financial assistance, Weinberg said.
But, with fiscal year 1979 just under way,
the office already has made 5,000 deposits,
and the budget is worth $264 million.
If there are to be any funds for next spring, they will be awarded through the National Direct Student Loan (NDSL) program. Weinberg said the office would know in about 60 days if NDSL funds would be available for spring.
The NDSL program is a federally supported program in which the state of Kansas matches one-ninth of the federal funds, Weinberg said. Students carry at least a half-time academic load to borrow their graduate careers and 10,000 from their college careers according to their current Student Financial Aids booklet.
Interest on the loans is three per cent a year beginning nine months after graduation. Repayment begins one year
after graduation and must be completed within 10 years.
The financial aid office awarded $1.25 million in NDSL loans to 1,457 students in fiscal year 1975 and $1.2 million in record $1.5 million in loan to 1,580 students in fiscal year 1975. Weinberg said.
Another source of loans for students is the Guaranteed Student Loan program. A student carrying at least a half-time load can borrow up to $2,500 a year on long-term loans from his local bank, savings and loan association or credit union.
These loans bear seven per cent simple interest and are repayable in 36 to 120 months, depending upon the size of the loan. The amount paid by the government, Weinberg said.
The guaranteed loans have been “the saving grace for many students who were not able to afford it.”
However, with the prime lending rate at 12 per cent, he said, lending institutions are reluctant to make loans to new lenders of the lower or per cent interest on the loans.
"This is a difficult year for students to obtain the guaranteed loans, no question."
A third type of financing for students is the Kansas University Endowment Association short-term loan. Short-term loans average $250. The loans are normally used for a student's academic rate of four per cent. These loans can be extended in cases of extreme hardship.
Approximately 3,000 students borrow $65,000 in short-term loans each year. You have $24,000 in savings.
higher number of short-term loans this year.
Students can receive two types of grants, the Basic Educational Opportunity Grants (BEGO) and the Opportunity Grant (SEOG). Weinberg said. The grants are for students from low income families: BEOG for freshmen and only, and SEOG for all undergraduates.
"If the BEOG program is fully funded for 1975-76, the maximum grant to be awarded will be $1,400 or one-half the cost of attendance at the institution, whichever is the lesser amount," according to the Student Financial Aid booklet.
The BEOG program, started last year, has strict requirements that only a few applicants can meet, Weinberg said. The SEOG program has more lenient criteria.
If a student receives an SEOG grant, the University must match those funds with an equal amount of financial aid from other schools, such as scholarships and NDSL loans.
University scholarships receive their funds only from friends of the University and from the KU Endowment Association. A minimum 3.25 grade-point average is required for a scholarship for the following year. The university scholarships demand higher grade-point averages.
To receive a scholarship from the University, a student must show superior academic records, financial need as shown by information on his and his parents' financial status sheet and participation in school and community activities.
Another form of financial assistance is the University-owned scholarship halls.
Eight halls house 400 students. Students living in the four men's pay $282 a year, while the four women's halls cost approximately $176 a year. Space is still available in some halls.
Applicants must show financial need to invest in the schoolship halls. They also must maintain a 2.5 grade-point average. The cost of living in the halls is lower than other cities because the residents do the housekeeping, cooking and minor maintenance work.
Under the College Work-Study program, the financial aid office will find work on campus for students who show need. The program, funded 49 per cent by the federal government and 20 per cent by the state of New York, hires students at the minimum wage.
Jobs included under the work-study program include typing, lab assistants, tutorial work, traffic and security aids and work in the bookstore.
Graduate students are eligible only for NDSL and the work-study program, Weinberg said. The financial aid office isn't responsible for graduate scholarship awards, and the BEOG and SEOG awards aren't available for graduate students.
If the student earns as much as the financial aid office determines is his need, he must then quit that job. Weinberg said. Work-study is the only program that will be available for students during the spring semester through the office of financial aid.
Additional information on student financial assistance can be obtained at the Office of Financial Assistance.
Welcome Back Students & Staff
842-7771
2340 Alabama
BUZZI and ASSOC., Inc.
This Fall Shop at
Bonita's
For Misses & Juniors Dresses, Sportswear and Lingerie
Mon. Sat. 10.4 p.m.
Thursday 10.9 p.m.
We're also open Sundays
1-6 p.m.
809 W. 23rd
Just east of McDonalds
843-7430
Need a car, a stereo, a job? Look in Kansan classified.
We'll give you the shirt off our back!
KU Hillel Is Offering a FREE T-Shirt with Your 1974-75 Membership
- ALL NEW PROGRAM -
Free University Course Guest Speakers Dinners plus much, much more...
Just Drop by Our Table during Enrollment in the Field House or the Union Office (107-B)
BRING A FRIEND
For more information, call Jamie at 843-5884