In the face of a shrinking budget, the University’s Office of Scholarships and Student Aid is starting to dip into reserve funds to compensate for cuts to financial aid.
On average, the University receives around $12 million from the state for financial aid, but is expecting only $10 million this year, said Shirley Ort, associate provost and director of the scholarship office.
“We hold some funds in reserve and so we will now be able to use some of our reserve funding and spread it out,” Ort said.
By the Numbers
- 65 percent student need met last year
- $2 million expected grant funding lost
- $16,000 average amount borrowed
- $10 million expected state funds for aid
With these reserves, the University will be able to cover much of the coming need-based aid cuts, Ort said. She declined to say how much money there is on reserve.
The reserve funds come from trademark licensing money, which is funds from the sales of T-shirts and other products that have the University’s logo on them, Ort said.