News Highlights

College financial aid still readily available, but students should apply now

Says Sandra Loerts, financial aid director

It's readily available, but you should apply now.

2009-03-06
Minnesota State University, Mankato Media Relations Office news release [2/12/2009]

Financial aid for college and university students is still readily available, but students should apply now – even if they’re uncertain whether they will enroll next fall.

“Financial aid dollars have increased substantially. The federal government is increasing loan availability; state and federal grant programs are growing; and many private banks are lending under the Federal Family Education Loan Program,” says Sandra Loerts, director of financial aid at Minnesota State University, Mankato.

“But students who need financial aid this fall should apply now,” Loerts adds, “even if you aren’t sure you want to attend school.” At Minnesota State Mankato, current and prospective students must submit completed FAFSA forms (Free Application for Federal Student Aid) by the priority date of March 15 to ensure eligibility for all possible grants, loans and work-study opportunities.

“Applying early doesn’t commit you to enrolling,’ Loerts advises. “It does allow you to access campus-based financial aid programs – grants, scholarships, work-study, federal Perkins loans.” At Minnesota State Mankato, she says, certain financial aid funds “usually are gone by April.”

Loerts says anxiety over financial aid is increasing among students and their parents, but the concerns are misplaced. “Across the country, student financial aid is growing, and availability is expanding,” Loerts says. She adds that federal and state governments have taken a number of steps to help families:

• Federal PELL grants have increased by $490 each (maximum of $4,731);
• Three new federal programs have been added: Academic Competitiveness Grants (ACG), Science and Mathematics Access to Retain Talent (SMART), and TEACH grants;
• Federal veterans’ benefits have increased;
• Federal Unsubsidized Stafford Loan annual limits have increased by $2,000;
• State grant programs have increased with the addition of the Achieve Scholarship Program and the Minnesota GI Bill;
• The state student loan program (SELF) recently was funded for another two years;
  In addition, Loerts says, the economic stimulus plan includes increases to work-study funding and increased annual limits for the federal Pell and unsubsidized Stafford loans.

Workshops to help students complete FAFSA forms are scheduled at Minnesota State Mankato in February and March. Students and parents can find more information about financial aid availability on several Web sites:

• Financial aid (http://www.mnsu.edu/campushub/programs/)
• FAFSA (http://www.fafsa.ed.gov/index.htm);
• College Goal Sunday (http://www.collegegoalsundayusa.org/)

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