Virginia Tech awards approximately $340 million in total financial aid each year; however, the recession plaguing the United States has caused changes in the Office of University Scholarships and Financial Aid.
"Everybody - students, parents and staff alike are pretty well stressed because of the economy," said Barry Simmons, director of University Scholarships and Financial Aid.
More students are applying for financial aid reconsideration, but the process is not simple, Simmons said.
Reconsideration is the process of appealing for more financial aid than the initial award. Reasons for submitting an appeal include loss of an income, large medical expenses, loss because of a natural disaster and more. Appeals can be made through a university's financial aid department.
Simmons explained that reconsideration can take eight to 12 weeks to process. However, he said it is "beneficial" for those in need of additional aid.
"We wish we could make it quicker," Simmons said, "but the staff is pushed to its limits."
For the 2008-2009 academic year, 294 students applied for reconsideration. This year, more than 350 students have applied already. Reconsideration can last an entire school year. Therefore, additional awards are pending.
Simmons said that Tech is seeing "different clientele" than in the past. Many families have seen drastic declines in income. They now have significantly less to spend on college and are seeking more financial aid money.
Edward Irish, director of financial aid at The College of William & Mary, anticipated an increase in financial aid reconsideration requests.
"It played out about the way we expected it to," Irish said.
Brad Barnett, senior associate director for the Office of Financial Aid and Scholarships at James Madison University, has seen more than 530 reconsideration applications this year.
Barnett said the Office of Financial Aid and Scholarships is "running out of grant money faster than before."
This dwindling supply of aid can be attributed to additional appeals.
Tech's Office of University Scholarships and Financial Aid depends on the attrition factor. Attrition is awarding more aid than what is in the budget under the assumption that not all students accepted to the university will attend in the fall.
"It is always an art, not a science," Simmons said.
While institution and state-based money is running low, federal aid is still an option for many students.
Simmons encourages students to submit their Free Application for Federal Student Aid form prior to the March 1, 2010 deadline. Students who apply prior to the deadline receive priority consideration in regards to financial aid money.
Students can also apply for Pell Grants and Stafford Loans. These programs are not part of a university's budget, but are allotted by the federal government.
According to a survey conducted by the National Association of Financial Aid Administrators, 25 percent more students are taking out federal student loans.
Pell Grant usage has increased by 63 percent.
Based on NAFAA data, 61 percent of colleges are seeing an increase of 10 percent or more in financial aid applications.
To accommodate the needs of students, 74 percent of four-year institutions are offering more financial aid