The Bush Administration is warning that the economic battering consumers are taking today will likely increase the need for the federal government to expand the funding of its popular Pell Grant program to keep pace with anticipated demand.

Last week, The New York Times published excerpts of a memorandum from Thomas P. Skelly, the Department of Education’s Director of Budget Service, who warned that the country’s current economic climate is stoking demand for Pell Grants which is currently funded to the tune of $14.2 billion annually. Skelly noted that as of July 31, 2008, 800,000 more students had applied for grants than last year, from a program that currently assists six million low-income college students.

Director Skelly has said that funding should be increased to $20.1 billion for the 2009 fiscal year, which would represent an increase of 40% over the previous year. Grants are disbursed to eligible students in amounts ranging from $431 to $4731 with increase in the maximum granted likely.

Applying For A Federal Pell Grant

Before students can apply for a Federal Pell Grant, families must fill out a FAFSA or Free Application for Federal Student Aid form which the federal government will use to determine grant eligibility. The deadline for applying for the upcoming academic year (which begins with the Fall semester) is June 30th. The FAFSA determines what is known as an EFC – Expected Family Contribution – the amount of money that each family must come up with to pay for their student’s schooling.

There are several factors brought into consideration when applying for a Pell grant including: tuition, room and board, books, supplies, and related expenses. Moreover, class load – which is the number of credits carried – is another factor which helps determine eligibility.

Part time students are eligible to receive Pell Grant money, but the amount of money they’ll receive is lower. Each factor is weighed against the family’s EFC to determine whether a grant will be awarded and for how much.

Tags: college grant, Department of Education, Pell grant, student aid

Some colleges and universities make a big “to do” about their anniversary by hosting a public reception, private parties, and use that opportunity to reach out to the community, students, and alumni. Myers University did all of that earlier this month when the school celebrated its 160th anniversary, but they also marked the special occasion by changing the name of the school to Chancellor University.

Founded in 1848, tiny Myers University is smaller than many public high schools with fewer than 1000 students enrolled at the school which offers Associate, Baccalaureate and Masters degrees from its historic Midtown Neighborhood campus.

This isn’t the first time the school changed its name as the not-for-profit university got its start as Folsom’s Business College before becoming Union Business College following the Civil War. In 1941, the school was renamed Dyke College and in 1995 it took on the Myers name in honor of David N. Myers, a Cleveland philanthropist and business leader.

Though tiny in size, the school’s most famous graduate had a huge impact on the American way of life that can still be felt today. John D. Rockefeller was our country’s first billionaire and the world’s richest man, founding Standard Oil in 1870.

Other famous grads included Harvey Firestone, founder of Firestone Tire & Rubber; Theodore Ernst, founder of Ernst & Young; and David N. Myers.

According to a university issued press release, the university’s mission is to serve first-generation college students in the northeast Ohio region as well as to provide working adults the chance to earn a regionally-accredited undergraduate or graduate degree in Ohio learning centers and nationwide via online delivery.

Chancellor University provides opportunities to earn associate, bachelor, and master degrees in business and select professional fields, including accounting, corporate management, criminal justice, finance, health-services management, human resources management, small business entrepreneurship, marketing, paralegal, public administration, and information technology.

(News Source: Chancellor University; Photo Source: Wikipedia)

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Tags: Chancellor University, Cleveland, college, John D. Rockefeller, Myers University, Ohio, university