April 9, 2008

Dwindling Funds Force Colleges to Cut the Size and Number of Awards

By Kelly Field

Washington

Last year, Iowa State University gave its neediest students more than $6-million in low-interest federal Perkins Loans. Next year it expects to award only half of that, just over $3-million.

The university is not alone. Across the country, colleges are reporting significant declines in the amount of Perkins Loan money that they have available to lend to students. The drop, which is due to cuts in federal support and a decline in the consolidation of student loans, is expected

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