Financial Aid policy to change
For those who receive financial aid in the form of scholarships or grants, the amount of money you receive per semester is about to change. On January 26 a small group of students turned out for the Financial Aid Forum hosted by TWUSA to inform students of the coming changes to the financial aid policy.
Sheldon Loeppky, Philip Laird, and Jonathan McCauley, representing the office of the provost and the financial aid office, came to the TWUSA office to explain the changes. Laird explained that the current financial aid system had created an “unintended situation.” Because the amount of financial aid dispensed is the same for 12 semester hours as it is for 18 semester hours, and because students don’t pay for courses in the 15-17 semester hour range there is a severe unpredictability in the finances of the school, as well as inequity among students. This is because the same amount goes out in financial awards regardless as to how much comes in—whether you pay for 12 semester hours or 18, you are receiving the same amount in grants and scholarships. In order to fix this situation a group was formed to come up with a solution.
What they have decided to do is implement an indexing model to replace the current system. What that means is this: if you are taking fewer semester hours you will receive less money for that semester. Likewise, if you take more semester hours, your financial aid will be greater. In addition to this change, the classes between the 15-17-semester hour range will no longer be free.
For the school, this system means better financial predictability, which will allow Trinity Western University to better plan the budget.
For the student, this system means more aid as you take more classes, more aid for more students. TWU predicts that in fall 2012 it will distribute the most financial aid it has to date. Aid will no longer be limited to four years but will be available beyond that limit if required. Laird also noted that TWU had put some money aside to assist those students who will experience a drastic drop in financial aid next year, but students must seek out this assistance. Endowments will not be affected.
Laird stressed that the amount TWU distributes in financial aid has historically grown at a faster rate than tuition increases. Laird stated that the average student is currently paying the same amount now as in 2008, however, it is naturally different for each student as different amounts of financial aid are awarded to every student. In fact, according to Laird, the amount of financial aid has “approximately doubled” in the last four years. The amount the university currently distributes is ten million dollars annually, around seven million of which is tuition discounts.
McCauley encouraged any students who are concerned about the changes or experience a significant impact due to the changes to visit the Financial Aid office located in Mattson Centre to discuss the issue. He also noted that the Financial Aid office is willing to review students’ budgets and said that most students do not take full advantage of the different avenues for financial aid that are available.
Bekki McCoy
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