Southeast Missouri colleges notice increase in financial aid applications

Demand for financial aid is on the rise as students look for ways to fund their education in the sputtering economy.

More students are filing a Free Application for Federal Student Aid, the paperwork required to receive federal financial aid.

At Southeast Missouri State University, 5,465 students filed an application between January and March 2, up 55 percent from last year, said Karen Walker, director of financial aid. There was 6 percent increase the year before, she said, signaling the economy's effect on the spike this year.

"We had an idea they'd be up," she said. "We had no idea they'd be up this much."

Not all students who file an application will attend the university because they can list several on the application to compare award packages. The trend, however, is common nationwide. Applications filed in January and February are up 20 percent across the country, according to the National Association of Student Financial Aid Administrators.

Southeast freshmen receive their award packages in April. Pell grants, need-based awards, are distributed to all eligible students and are not affected by the number of applicants, Walker said.

Needier students first

Campus-based programs, including work study, other need-based grants and low-interest Perkins loans, are distributed according to the number of students who apply. Walker said there could be some adjustments to those award distributions, which will target needier students first.

"We may have to reduce the amount of the value of the awards so that they can spread out among more students," she said. "But we haven't made those determinations yet."

The number of students attending Southeast is not expected to fluctuate, said Dr. Deborah Below, director of admissions.

She said 80 percent of local students attending a four-year college choose Southeast. More of those students might live at home to cut costs. Meanwhile, applicants from farther away could choose a university closer to home, she said.

"The overall cost of college to the family will significantly influence the families' decision of where to go to college," she said.

At Three Rivers Community College in Poplar Bluff, Mo., more laid-off workers are seeking extra training, said Amy Henson, director of financial aid. The increased demand for retraining has spurred more requests for aid.

Henson said 14 percent more applications have been filed since January compared to last year. She said additional state aid is available to help those students, including trade adjustment assistance for workers who lost their job to outsourcing.

"I don't think we're going to have a problem serving the students," she said.

abusch@semissourian.com

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