News

High time to grab financial aid, loans

By Colleen Morgan
News Reporter

Once again itis time to apply for the more than $130 million in scholarships and financial aid that is awarded to UH students each year, but more and more of that aid is coming in the form of student loans, said Scholarship and Financial Aid Director Robert Sheridan.

"The reality of the situation is, my numbers are going up," said Sheridan. Tuition cost is rising, amount of financial aid and scholarships awarded is rising and the number of applicants is rising. 

The problem is, the amounts allotted for those awards are decreasing. The economic situation in the nation is creating a domino effect, knocking down numbers for everyoneis budget, said Sheridan.

Sheridan explained that the universityis budget allows for a certain amount of scholarships and grants, and once that money is gone, all thatis left for needy students are loans.

Of the $134 million in total aid awarded last year, $69 million, or 51%, of that money was in the form of student loans. Current numbers for this school year will not be available until after the awards for summer financial aid have been made. However, by the end of the fall semester, the university had awarded more money in scholarships and financial aid than was awarded for the entire 2001-2002 academic year.

"Each year costs are going to be a little more, and each year youire going to take out more loans," said Sheridan. "Thatis anywhere, not just UH."

Alexes Rodriguez, a junior education major, disagrees.

"In Texas itis terrible. Thereis less help," said Rodriguez, who would not be able to attend school in Texas if it werenit for student loans.

Rodriguez, a transfer student, said, "I did my first years in California, and I didnit have to take out any loans. I think [financial aid] needs to be improved in Texas especially."

For other students, like Brandon Matthews, student loans are inevitable. As a sophomore university studies major, Matthews receives scholarships, grants and loans.

"I get too stressed out," said Matthews. "You know (debt) is going to be there regardless, so Iim not really worried about it."

Sheridan said that one in two students are receiving financial aid or scholarships. A full-time undergraduate student currently pays about $3,468 in tuition and fees per year, and the average amount of aid per student is $6,894, which includes scholarships, grants, work-study and loans. Based on these two numbers alone, students should have plenty of money to pay for school.

However, Sheridan said, "The biggest cost is living expense, not tuition." Books, food, a place to live and transportation all need to be accounted for.

"What I would really recommend is donit borrow a dollar you donit need to spend," said Sheridan.

Krystal Solcich, a senior English major, agrees. "I donit want to have huge debt when I get out of school. Loans are a last resort."

If students are planning on receiving any aid, "itis time to stop thinking about applying and do it," said Sheridan. The financial aid deadline is April 1, but the sooner students apply the more likely they are to receive aid.

There are 8,000 to 10,000 more applicants than who actually get dollars, Sheridan said.

For best results, "apply early, read the instructions, get back to the financial aid office whatever theyire requesting and cover all bases," said Sheridan.
 

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