Page 14-B-Thursday, September 4, 1980-The Michigan Daily
Financial Aid
Extra $$tothe rescue
4
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By JOYCE FRIEDEN
For many students, the success or
failure of a college education depends
primarily on finances. Students from
wealthy families are able to afford the
spiraling costs, while students from
lower income families face constant
pressures to meet their expenses,
which can cruelly compound academic
pressures.
The University administration has
expressed its awareness of this
inequality, and has established an
elaborate financial aid system to help
deserving students make ends meet.
AID IS AVAILABLE'to both graduate
and undergraduate students in the form
of grants, scholarships, and loans.
The money for these programs comes
from University funds, the state of
Michigan, the federal government, and
assorted private donors.
The first place aistudent should go if
he or, she is interested in receiving fun-
ds is the University's Office of Finan-
cial Aid (OFA), located at 2011 Student
Activities Building. The office is
responsible for coordinating
distribution of all the University's
financial aid funds. The OFA is also in
eharge of helping students receive
federal grants and loans and seeing
that students are aware of aid oppor-
tunities.
This latter part of the OFA's job.
begins even before the student comes to
the University. On the admissions ap-
plication is a box students can check if
they want to be considered for financial
aid. If the box is checked, the student
will receive a Family Financial
Statement to fill out and return. This
form gets sent to the American College
Testing service, where the student's
amount of need is assessed. The results
are then sent back to OFA, which
determines the final award.
THE FINANCIAL aid office is also in
a position to inform students if they are
eligible for certain private scholar-
ships.' "When a student is admitted to
the University, he or she is put on a
list," explained Assistant Director of
Financial Aid Paulette Stallworth.
"Our office checks the list and then
notifies those who are eligible for the
larger scholarships, like the Michigan
Annual Giving Scholarship and the,
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Financial aid forms...
Regents' Alumni Scholarship," she
said.
In addition to private and University
funds, the federal government offers
several programs to deserving studen-
ts. Two forms of grants are available:
the Basic Educational Opportunity
Grant (BEOG) and the Supplemental
Educational Opportunity Grant
(SEOG). The former is an award
ranging from $200-$1800 and does not
have to be paid back. It is open to any
student who demonstrates adequate
financial need (as determiend by
OFA). The SEOG is similar, except its
money is used as part of a financial aid
"package" to supplement other forms
of aid.
Two kinds of loans made available by
the government include the Guaranteed'
Student Loan (GSL) and the National
Direct Student Loan (NDSL). The
GSL is a loan, charging 7 per cent in-
terest, made to the student by a bank or
the Univesity. The amount of loan
money available ranges from $2500 a
year to undergraduates to $5000 a year
for graduate students. Unlike the
National Direct loan, a student does not
have to demonstrate financial need to
qualaify. In addition, a student does not
have to begin to pay back the loan until
nine months after graduation.
The, NDSL is a low-interest loan
requiring a student' to demonstrate
financial need to qualify. Like the
Guaranteed Student Loan, a student
does not begin to pay back the loan until
he or she is graduated. The interest rate
on ND$L's is currently 3 per cent.
FINALLY, THE federal government
makes some educational funds
available in the form of College Work
Study (CWS). Through this program, a
student can pay for his or her education
by earning a specified amount in a
work/study job. The University offers
1500 such jobs with the $2.2 million it is
allotted in work/study funds. Jobs
available include anything from typist
to researcher, with the largest em-
ployer being the Recreation Depar-
tment.
There has been a change in the types
of financial aid applied for by students,
according to Associate Director of
Financial Aid Jim Zimmerman. Since
the government lifted the income
ceiling off the Guaranteed Student
Loan, applications for the program
have gone up 100 per cent across the
nation, Zimmerman said. In addition,
many work/study jobs remain unfilled.
"Incoming freshmen seem to have a
different attitude (than last year's
class)," Zimmerman said. "The new
students are more concerned about
success-they spend more time on the
books and less time on the job," he ad-
ded.
The Office of Financial Aid is not the
only place a student can look to for fun-
ds. According to Mary Jackson, who
takes care of scholarships and grants
administered through the OFA, studen-
ts are encouraged to inquire at their in-
dividual college. "Each school or
college has some money that doesn't
get administered through this office,"
Jackson explained. "We advise studen-
ts to check out the college they are
enrolled in to see if there are additional
scholarships available," she said.
The Alumni Assocition is another
potential source of funds. The Alumni
Associaiton includes 60 alumni clubs
which are dispersed throughout the
country. Each club raises funds and
awards money, based on its own
criteria, to students from its com-
munity, according to Edith Bletcher,
the association's director for Alumni
Services.
Stallworth said that all 'students
should apply for financial aid, even if
they are not sure they are eligible. "We
encourage students to apply and find
out whether or not they are officially
eligible," Stallworth said. "All they
have to do to get things going is tell us
that they'd like to be considered for
aid," she added.
4
Daily Photo by DAVID HARRIS
THE CENTRAL CAMPUS RECREATION BUILDING (CCRB), located on the corner of Washtenaw and Geddes, is the
largest of the three recreation buildings. It features a pool, four basketball courts, squash and racquetball courts, a weight
room, and a sauna, among other facilities.
Fall Sept "-Dec. 19
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Nov. 27-Nov.(30 Closed
Dec. 19('loses 5 PM
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Nov 27-:30 (Closed
Feb. 20 Closes 9I PM
Feb 20 Closes 5 PM
F'eb) 204 ('oses 10) I'M
F'eb. 204 ('loses 5 PitM
May! ('loses 7 PM
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THIS YEAR the three campus recreational buildings, CCRB, IMSB, and NCRB have posted new hours determined
by a computer study measuring peak hours of use for each building. For a complete sport-by-sport schedule including
hours during semester brtaks; pickup a drop-in schedule available at any of the three facilities.
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RENTAL
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