At $42,000 a year to attend Fairfield, every penny counts; especially those coming from Uncle Sam.
For Jeremy Shea ’10, it was government financial aid that allowed him to attend the University.
“I know a lot of people [who want to go] to college but don’t because of financial reasons,” said Shea, adding that the role of financial aid in college education has become increasingly important.
Shea and the 300 other Fairfield students receiving aid from the Pell Grant, a program provided by the federal government, will benefit from new legislation that increases the amount Pell Grants given to student recipients.
Last week, the Senate voted 81-15 to approve President Bush’s proposed budget, which includes a 5 percent increase in funding allotted to the Pell Grant program.
The budget will allot $4,050 per student per year, an increase from the current figure of $3,850.
U.S. Secretary of Education Margaret Spellings said the monetary increase is a step toward positive change.
“Just like any other investment or enterprise, we need meaningful data to better manage the system. This is real money that will help more low-income students achieve the dream of a college education,” she said in a statement.
“With 90 percent of the fastest growing jobs requiring post-secondary education or training, a college education is fast becoming a necessity,” Spellings said. “Yet as costs skyrocket, it has become increasingly difficult for middle class and low-income families to afford college. The President’s action will help make the dream of a college education a reality for more Americans.”
The increase in funding was made possible by $2.2 million of savings in out-of-date or ineffective programs, the statement said.
The Pell Grant is the largest form of financial aid offered. When it started in 1973, the grant covered one third of the yearly cost of higher education at four-year institutions.
It now covers approximately 60 percent of the cost. The Pell Grant financially aids more than 5 million college students each year.
Students are awarded financial aid on the basis of family income.
“Every student files the Free Application for Federal Student Aid,” said Diana DeVellis, associate director of the Financial Aid office.
This form is how the government collects the data needed to award the appropriate amount of money.
“In comparing the files the government collects, they are able to calculate the amount of aid that each and every student should receive separate from all other forms of aid,” she said.
Spellings continued to laud the recent legislation.
“This budget builds on the great progress our children have made under No Child Left Behind while at the same time targeting dollars more strategically to meet our students’ most pressing needs and priorities,” she said.
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