Wednesday, July 30, 2008

More financial aid on its way

Fort Valley State University students wanting a college diploma will have more financial aid options possible. The U.S. Department of Education has increased the amount available for unsubsidized student loans effective this month.

According to Eula Solomon, FVSU’s director of financial aid, the increase is in response to the rising costs of tuition and living expenses across the board.

“Last year, the university depleted its budgetary resources and Wildcat loans to help students stay in school,” said Solomon. “The university also had to turn students away because of lack of money.”

Last year, the federal government only allowed FVSU students a base borrowing amount: freshmen could receive $3,500; sophomores, $4,500; juniors and upperclassmen, $5,500. Dependent students – excluding students whose parents cannot borrow the Parent Loan for Undergraduate Students (PLUS) – will now have an additional $2,000. Independent students and dependents who are freshman and sophomores parents cannot borrow PLUS funds will be eligible for an additional $6,000; and $7,000 is the cap amount for juniors and seniors.

--Christina Milton writes for the Office of Marketing and Communications at Fort Valley State University

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