As the application deadline for need-based financial aid draws near, more students might learn this year that they are eligible for funds to cover tuition costs.
The Office of Scholarships and Student Aid announced that during the 2003-04 academic school year, 31 percent of students were eligible for need-based financial aid, while in 2004-05 the number rose to 33 percent.
“This really may not seem like a lot,” Shirley Ort, director of scholarships and student aid said. “But when this number has never moved more than 1 percent each year, these figures are pretty astounding.”
Ort explained that tuition hikes account for the recent increase in the number of students eligible for need-based financial aid. Tuition taxed out-of-state students an extra $1,500 and in-state students an extra $250 this year.
An estimated $195 million to $200 million will be available to students who apply for financial aid this year. Ort said the money available usually increases by $10 million to $20 million each year.
The number of people applying for financial aid also has increased during the years. During the 2000-01 academic school year, 21,428 students applied, while in 2004-05, the number rose to 26,265.
Students thinking about applying or reapplying for financial aid must submit their application by March 1, the deadline for both prospective and current financial aid applicants.
As the deadline rapidly approaches, Ort urged students to “be smart and apply on time” so they are eligible to receive funds. If students submit their requests late, financial aid might not be available.
She said students have been more responsible about applying on time. During the 2000-01 academic school year, only 49 percent of students applied on time. In 2003-04, the number rose to 64 percent. In 2004-05, 72 percent of students applied on time.
