Extra financial aid remains available

While government leaders are issuing bailout plans in attempts to throw a life preserver around the drowning economy, many college students and their parents are still struggling against the current to keep their heads above water in a sea of student loans.Salaries and financial aid packages can't keep up with the tuition spikes and overall inflation. The cost of attending college is more than twice what it was in 1990, according to the U.S. Census Bureau.

According to Eastern's financial aid website, out-of-state residents attending Eastern are paying over $20,000 for their tuition, room and board.

But while many students are stressing about how to pay their astronomical bill, Amanda McCracken, Eastern's scholarship coordinator, said many students just need to do a little digging to find some additional funding.

McCracken said that while the scholarship fund is always going to be in the budget line, the funds available would change from year to year.

"We are seeing lesser amounts given than in previous years because of the economic shrink-off, but we're still trying to make the most of the money being given," she said.

Foundation scholarships exist from funds donated by private donors, which earn interest through investments in the stock market, McCracken said.

"With the economy not doing so well right now, we have to work harder to make the most of our foundation scholarships and get more donors," she said.

The scholarship office is hosting more receptions to give the donors opportunities to meet the recipients, which McCracken said encourages the donors to continue giving.

"By showing donors we are being good ambassadors for their money, we can help keep the foundation steady," McCracken said.

"While the volume of applications for scholarships has grown a little, we still have to go hunt down some students to give out some of our foundation scholarships," she said.

McCracken said that while some scholarships have very specific criteria, several scholarships are available to most students.

The largest market for aid comes through freshmen applying for admission and scholarship money at the same time. McCracken said incoming freshmen are all about the scholarship game. "They know what the game is. They're taking the ACT five or six times and they're working on their community service - they're on the ball."

But students already enrolled aren't always aware of the additional funds they can apply for each year.

Most merit-based scholarships are available to freshmen and transfer students primarily. But need-based scholarships are available to students on all levels, as long as they fill out the Free Application for Federal Student Aid (FAFSA) and demonstrate family or personal need.

McCracken said many students miss out on financial aid because they find the FAFSA discouraging.

"You have to fill out the FAFSA, but a lot of times parents get lost and it can be very tedious," she said. "But get this in early and do it every year, because you might be eligible for more aid if incomes change."

Incoming sophomore students can also apply for a retention scholarship from the university, which provides an extra $1,000 or $1,500 to students during a year when they have lower loan limits.

McCracken said students also lose out on scholarship opportunities because they misunderstand the award cycle.

"Right now is the prime time to start thinking about applying if you're a current student," McCracken said. "Students come try to get money in January for the spring semester, but it's usually been used by then. That's really when they need to be applying for the following semester."

Students applying for a retention scholarship need a letter of recommendation from an Eastern faculty or staff member, a 500-word essay, and an application from the scholarship office completed by May 1.

Those applying for current student scholarships only need two recommendation letters and the completed application. These applications are due to the scholarship office by April 1.

All students who apply will be notified either way if the office is able to offer them a scholarship.

"Not everybody is eligible, but you don't know until you try," McCracken said. "We really work to make sure we give out all our funds. We're trying to help keep students moving along and staying afloat.