Number of Students Needing Financial Aid Increasing

student loansYou know what it’s like: You apply to your dream school, then wait for the mail every day, hoping for that big envelope that says you have been accepted.

So what do you do if you do get accepted, but the financial aid that is offered isn’t enough? You write a letter to the financial aid office asking for more.

Sandra Oliveira is the executive director of financial aid at Providence College and has been spending the past few days reading 100 appeals from students who want to attend Providence College, but need more financial aid in order to do so. Every application for more financial aid is a heart-breaking plea for more money to “offset the impact of recent job losses, plunges in home values or other financial setbacks.” Some students submit medical bills, layoff notices, and tax forms to show how real their need really is.

How much money are these students receiving at first? It’s probably not a lot, right?

Actually, it’s quite a bit. On average, each student received more than $17,000 in scholarships last year, before additional aid was considered. Unfortunately, this is not enough for some students.

“In this economy, everyone is feeling it to some extent,” Oliveira said. “Sometimes we can do a lot,” she added. “Sometimes we can’t. But we spend a lot of time listening.”

Unfortunately, Providence College isn’t the only school where this scenario is happening.

Villanova Universityhas seen a 17 percent increase in applications for additional financial aid since 2008.  Villanova University is accommodating these students by increasing its financial aid budget by $22 million.

Lafayette College has also seen an increase in financial-aid appeals- a 40 percent increase, to be exact.

There are a lot of people who need additional financial aid to attend their dream schools. Sadly, there are not enough funds to help everyone. But for the lucky few that do receive additional financial aid:

“I could hear them cheering,” Oliveira said.

Via The New York Times








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