Despite government predictions of increased financial aid requests, Boston University has not seen a rise in the number of families or students asking for aid.
The Office of Financial Assistance has not seen an increase in calls from students or families pleading for more financial assistance, according to BU spokesman Colin Riley. However, Riley said it is likely Boston University will increase financial assistance to compensate for the rise in tuition and housing costs.
“Students should just make sure that their financial information is updated and any changes in financial circumstances are known so that the University can address them,” he said.
Other organizations, however, are preparing for more aid requests. Congress has started appropriating more money for federal financial aid in preparation for increased demand, according to Stephanie Babyak, spokeswoman of the U.S. Department of Education.
The federal government provides grants, loans and scholarships accounting for about 70 percent of the total financial aid awarded to college students, according to the Department of Education website. That money comes from private lenders and taxes.
The Massachusetts Board of Higher Education also expects a rise in financial aid requests, according to Robert Brun, director of scholarships and grants in the Office of Student Assistance. Brun said he is confident Massachusetts can meet the increased demand.
“With the economy as it is, it might be the case that students and families will have a greater financial need,” Brun said. “Massachusetts is mindful of these people.”
Brun alluded to the mid-1980s recession, when there was a decrease in available money for higher education.
“Whenever the economy slows down, we have more requests for financial aid,” Brun said. “If people can’t work, they want to go back to the classroom. We are aware and watching the trends.”
State funding for post-secondary institutions comes primarily from taxpayers. According to Brun, state financial assistance affects those in the public sector – namely state universities and colleges – far more than those in the private sector.
“Private institutions like Boston University are well-endowed,” Brun said. “However, the public sector is not as well-endowed and relies more heavily on state funding.”
According to Babyak, the state and federal governments both assess financial need using formulas set in statute. These formulas take into account the cost of the institution and a family’s assets. Students are then awarded loans, grants, scholarships or work-study opportunities depending on their individual circumstances.
Although individual cases vary, several Boston University students said they are satisfied with their financial aid situations.
Adam Vangsness, a junior in the College of Arts and Sciences, said he received more financial assistance from BU this year.
“Last year my family had to scrape together so I could stay at BU,” he said. “This year they gave me the money that I needed.”
CAS sophomore Edward Garcia said the economy has not greatly burdened his financial situation.
“The economy isn’t affecting my family that much,” he said. “The rise in tuition and room and board would create a problem, but BU is raising my financial aid.”
“There are many sources of financial aid,” Babyak said. “Although the federal government offers the bulk, there are many other independent and state-funded scholarships, loans and grants. You just have to find out about them.”
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