Allocation also will aid hurricane-affected region’s residents who attend college elsewhere
USA Funds allocates $250,000 for college students displaced by Hurricane Katrina
INDIANAPOLIS — USA Funds®, the nation’s leading education-loan guarantor, has announced that it has allocated $250,000 of a previously announced $1-million financial commitment to help low-income college students displaced by Hurricane Katrina, as well as students whose permanent residences are in the federally designated disaster areas but who attend college elsewhere.
Postsecondary institutions that are serving students who had to transfer from colleges damaged during the hurricane, and those with students whose permanent residences are in counties declared federal disaster areas following Hurricane Katrina, may apply for grants to supplement financial-aid packages for those students.
“Many schools across the nation have generously opened their doors to students whose schools are closed due to hurricane damage. Additionally, many schools serve students whose permanent homes are in the affected areas and who now need additional funds to stay in school,” said Carl C. Dalstrom, USA Funds president and CEO. “These grants will help those students pay tuition and other expenses so that they can continue their education without interruption.”
Postsecondary institutions may apply for grants of up to $35,000 based on the number of eligible students at the schools who meet program guidelines. Financial-aid administrators at institutions that receive grants, in turn, will provide assistance of up to $750 to each eligible student.
USA Funds is reserving the remaining $750,000 for grants to postsecondary institutions located in federally declared disaster areas in Alabama, Florida, Louisiana and Mississippi in the wake of hurricanes Dennis and Katrina. Those institutions also will be eligible for grants of up to $35,000, based on their total enrollment, to provide financial assistance to low-income students. The assistance of up to $750 per student may be used for immediate education-related needs or for second-term education expenses — tuition, fees, books, room and board or other education-related expenses.
Financial-aid professionals at eligible institutions can obtain further details and apply through the Web site of the program administrator, Scholarship America.