1991_02 The Daily Collegian February 1991

              The Collegian • February 1, 1991
8
Funding:Final scholarship deadline today
Continued from page 1
not eligible, there are loan programs
available."
Need-based applicants are labled so
because they require substantial funding to
meet all of their college expenses.
These students can receive aid in many
forms.
• The grant is a allocation of money that
does not have to be repaid. One of the more
popular grants is the Pell Grant, which
distributes about $6 million in awards on
campus, said Heuston. These u sua 11 y range
from $250 to $2,300. A feature that makes
the Pell Grant appealing. Heuston said, is
that a student can apply for it at any time.
Also, the there are no restrictions on the
number of people who can receive the
award.
• A Wori-Stiirfyprqpron enables students
to work on campus up to 20 hours a week.
Work study is federally funded and for
need-based students.
However, if you don't qualify as need-
based, there is hope.
• Loans are available to both need-based
and non-need based students and are
repayable usually after graduation. The
amounts available range from $2,000 to
$7,500 per year for undergraduates and
graduates, with interest rates ranging from
5 percent to 12 percent.
• Scholarships areanotheroption for both
need and non-need based students. Like a
grant, theaward does not have to be repaid
and is usually based on academic
achievement. Over 900 students each year
receive scholarships, ranging from $100 to
$^000.
The eligibility requirements for
scholarship applicants are: a minimum
cumulative GPA of 3.0 (25 for agriculture
and music students); demonstration of a
commitment to school, community or
society; and full-time enrollment at CSUF
02 undergraduate units or eight graduate
"Most who borrow have had their
financialaid interrupted/ hesaid. There's
usually a problem somehow, and a loan is
given to tide them over."
Students have 90 days or until the end of
the semester, whichever comes first to repay
the loan.
Here is a list grants and loans available at CSUF:
GRANTS
• Pen Grant
• Supplemental Educational Opportunity Grant
• Bureau of Indian Affairs Grant
• Educational Opportunity Program Grant
• Ca lifomia State University Grant
• California Studen Aid Commission Grant
•Cat Grants A and B
• State Graduate Fellowship
• California Graduate Equity Fellowship
• Patricia Roberts Harris Fellowship
LOANS    '
• Perkins Loan (need-based)
• Nursing Student Loan
• Stafford Student Loan
• SLS and PLUS loans (non-need based)
series units).
• The Emergency Student Loan can be
applied for students who find themselves
in extremely dire straits. This program is
designed as a stopgap measure providing
loans of up to 5400, said Student Aid
Accounting Officer Lee Spencer. Spencer
said about 600 students apply for this type
ofaloan per year.
Nearly all of the applicants receive the
loans.
Some recent developments in financial
aid include the growth in the number of
loans that are awarded compared togrants.
"Over the last 10 years, we've seen a
dramatic changeinthefederal government's
approach to financial aid," said Heuston.
"Ten years ago, two-thirds of the aid given
was by grants, and a third loans. Today, if s
two-thirds loans and a third grants."
Heuston said this was directly related to
the rising cost of living and college expenses.
More students are finding it harder to pay
for school, while the resources for grants
and scholarships have not increased
accordingly.
Another development is that federal
government may eliminate student loans
through banks. The government currently
guarantees these types of student loans in
the event of defaults, while paying the bank
a subsidy. The government may begin
making loans directly to students,
eliminating the go-between.
Heuston said this prospect might not be
an improvement on the current system,
given the track record of the government.
"I'm a little leary of the government
centralizing that kind of thing," he said.
"Does the federal government have the
resources to assume the responsibility
[associated with processing and handling
student loans]?"
Next year,Heustonsaid, the financialaid
officeplanstogo to a completely automated
system of processing forms. The current
process is "about 50 percent manual," said
Heuston, who described it as being like
"pullinga tractor with oxen—itjustdoesn't
make any sense."
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MASTER COPY
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