Tuesday, November 11, 2003
Student financial assistance growth reported to the trustees
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Corporate and private student aid funding is up 21 percent and gift aid that includes grants and scholarships is up 12 percent the director of USI Student Financial Assistance told the USI Board of Trustees during their regular November meeting on campus. Jim Patton’s report covered prior year (2002-03) student financial aid activity. Growth of financial assistance is a natural outcome of enrollment increases Jim Patton said. USI has had three percent increases in enrollment in the time period 2001-02 and 2002-03. He noted that real growth among programs such as Pell Grants has not kept pace with inflation. The report shows that commuter students find direct institutional costs manageable with semester bills of $2,000 on average. However, students who live on campus and take advantage of a food plan often have a greater challenge, with direct costs averaging $4,700 per semester. The report further offered that “full-need” students often find they must take student loans to make ends meet, and middle income families find that with less in such programs as Pell Grants, they must borrow more than “full-need” students. Gift aid is an important investment in today’s youth by University donors and alumni. Today’s students are grateful. Patton said, “Private funding makes a significant difference for students who need assistance with the typical college costs. For many, this assistance goes beyond the limitations of government-funded programs to open new doors. It may make possible study abroad, permit students to accept unpaid internships, or even allow full-time college attendance when it might not otherwise be possible.” The increase in gift aid helps the University meet an important goal of cost containment. H. Ray Hoops, USI president, said keeping tuition affordable is a commitment the University has to all students. |
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