State allocates $3.5 million for new college scholarship program
Lindsay Stuart
Issue date: 5/1/08 Section: News
Students who find it hard to pay for tuition may be getting a break, thanks to a new state scholarship program.
Illinois State Treasurer Alexi Giannoulias is placing $3.5 million in college scholarships for Illinois students. The scholarship is a part of the Illinois State Treasurer's Bright Start Scholarship Program, which will provide money to needy college students and comes at no cost to Illinois taxpayers.
The awards will be funded entirely by OppenheimerFunds, the program manager for Illinois' 529 college savings plan.
"This is an unprecedented private-public partnership that will benefit needy Illinois students," Giannoulias said in a press release. "No other state and college savings fund manager are providing this much money with so few strings attached."
There are some requirements for the colleges the money will be given to, however. Schools must have an enrollment of at least 2,000 undergraduate students and must be a four-year college.
"This is so that the number of colleges that money will be given to is smaller," Sara Wojcicki, deputy communications director, said. "If you gave that money to every school in the state it would make the amount of money really small."
SIUE will be getting $16,500 dollars annually from this scholarship program. Southern Illinois University Carbondale will be getting $17,500 and Northern Illinois University will receive $19,000.
University of Illinois-Chicago will have the greatest amount of scholarship money with $22,500.
The recipients of the scholarships will be chosen by the school's financial aid program, based on the students' need. By allowing each of the 36 schools to pick their own recipients, the state can assure that more money is given to students because they do not need to hire people to distribute the money.
"We also don't want people to think that we are giving money to our friends and family," Wojcicki said.
The first recipients of this award are expected to be announced this fall. The scholarship amounts will range from $1,000 to $2,500 and will be given out over the next seven years. The amount given to each college will be based on the school's tuition and room and board.
"Working together with Illinois universities and colleges to help our state's neediest students is a major priority for this office," Giannoulias said in a press release. "Every year it costs significantly more to attend college and this money will give thousands of students in Illinois a boost toward earning that degree."
As of Tuesday, SIUE's financial aid office did not have any information about the scholarship program.
Illinois State Treasurer Alexi Giannoulias is placing $3.5 million in college scholarships for Illinois students. The scholarship is a part of the Illinois State Treasurer's Bright Start Scholarship Program, which will provide money to needy college students and comes at no cost to Illinois taxpayers.
The awards will be funded entirely by OppenheimerFunds, the program manager for Illinois' 529 college savings plan.
"This is an unprecedented private-public partnership that will benefit needy Illinois students," Giannoulias said in a press release. "No other state and college savings fund manager are providing this much money with so few strings attached."
There are some requirements for the colleges the money will be given to, however. Schools must have an enrollment of at least 2,000 undergraduate students and must be a four-year college.
"This is so that the number of colleges that money will be given to is smaller," Sara Wojcicki, deputy communications director, said. "If you gave that money to every school in the state it would make the amount of money really small."
SIUE will be getting $16,500 dollars annually from this scholarship program. Southern Illinois University Carbondale will be getting $17,500 and Northern Illinois University will receive $19,000.
University of Illinois-Chicago will have the greatest amount of scholarship money with $22,500.
The recipients of the scholarships will be chosen by the school's financial aid program, based on the students' need. By allowing each of the 36 schools to pick their own recipients, the state can assure that more money is given to students because they do not need to hire people to distribute the money.
"We also don't want people to think that we are giving money to our friends and family," Wojcicki said.
The first recipients of this award are expected to be announced this fall. The scholarship amounts will range from $1,000 to $2,500 and will be given out over the next seven years. The amount given to each college will be based on the school's tuition and room and board.
"Working together with Illinois universities and colleges to help our state's neediest students is a major priority for this office," Giannoulias said in a press release. "Every year it costs significantly more to attend college and this money will give thousands of students in Illinois a boost toward earning that degree."
As of Tuesday, SIUE's financial aid office did not have any information about the scholarship program.
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