Free Application for Federal Student Aid [FAFSA] has set the priority application deadline for March 1. With the deadline quickly approaching, students are finding it hard to complete their application while balancing midterms and Spring Break plans. But this year, students may want to re-evaluate their to-do lists, according to Julie Rice-Mallette.
Mallette, the associate vice provost for the office of Scholarships and Financial Aid, said more students are vying for the funds.
“The increasing number of layoffs and the reduced value of parents’ savings mean a greater need for aid, so we are anticipating an increase in applications for aid for 09-10,” she said.
Mallette also said it is important to get FAFSA applications in early.
“Institutional scholarships and grants are limited, and not sufficient to meet the needs of all students who apply for aid,” Mallette said. “Students who apply by the priority deadline get first consideration for available scholarship and grant resources, which means generally no such funds are available for late applicants.”
According to Mallette, 62 percent of students depend on financial aid, and with this majority, the availability of financial aid is dwindling and students are becoming concerned.
Jordan Ferguson, a freshman in biology, said she is concerned about financial aid.
“The economy will affect financial aid because not only is there less money to give out, but people will be less likely to donate to scholarship funds,” she said.
In response to multiple student concerns similar to Ferguson’s, Mallette said the office will work with students who will benefit from an N.C. State education to ensure they are not denied an opportunity due to finances.
Mallette also noted how the federal and state governments are coping with the current recession in regard to higher education. On a state level, Gov. Bev Perdue is simply trying to minimize the effects of budget cuts on scholarships and grants. Federally, President Obama’s stimulus package passed last week has promised increases in Federal Pell Grant funding. However, Mallette said only 18 percent of students quality for the funding being increased.
Regardless of the economic situation and ongoing budget cuts, there are still opportunities for all students to receive financial aid if needed. Mallette said applying for the priority deadline is crucial.
According to the FAFSA website, students should make sure they have the proper documents and information before they begin and should fill out their applications online to make the process quick and easy.
Mallette said applying for aid on time is key for students as they make progress toward graduation.
“Apply for aid by the priority filing date each year to maximize funding options available,” she said. “And make every effort to be successful academically and to graduate with a degree in four years. The longer it takes to graduate, the more educational debt students will likely incur.”
