Number of financial aid recipients doubles
Feb. 26, 2004
The number of Illinois Valley Community College students receiving financial aid has nearly doubled from $2.2 million to $4.5 million over the last six years.
In a report to the college board of trustees Wednesday, financial aid director Steve Crick said the number of students receiving aid has increased from 2,300 to just over 4,100.
"Increased enrollments, increased need and better awareness of financial aid resources are all factors in that dramatic rise," said Crick.
College President Jean Goodnow said, "We have been working to get the word out about the financial aid available."
She commended the financial aid office especially for their success in reaching first generation college students.
Reporting on the impact of the budget Gov. Rod Blagojevich released earlier in the day, Jerry Corcoran, vice president of Business Services and Finance, said the college will be receiving an additional $55,869 in state funding in fiscal year 2005.
Corcoran said decreases in two funding sources were being balanced by increases in others.
The decreases are in the funding formula change grant, commonly called "hold harmless," which is leading to a drop of $104,000 to IVCC, and the workforce development grant, which is leading to a drop of over $94,000.
The increases are in the credit hour grant, up by $195, 610 for IVCC, and the equalization grant up by $119,329.
"We had heard there would be a decrease in funding of two to three percent overall, and that sounded ominous," Corcoran said.
"To hear we're up is wonderful. It's always enjoyable to share good news."
The board also:
· Approved Workers' Compensation Insurance from Hartford Insurance Company at an annual premium of $137,673.
· Approved an exhaust system for the welding lab. The $75,000 project will be paid for out of Life Safety funds.
· Approved the appointment of Jacqueline Fox of Peru as director of Human Resources.
· Learned the college hosted its first "Coffee with the IVCC President" Wednesday morning in Earlville. President Jean Goodnow will be holding a series of town meetings throughout the district.