Bounds: State’s college scholarship funding ‘being rapidly depleted’

by Associated Press

Published: February 6,2012

Tags: appropriations, budget, colleges, education, financial aid, higher education, lawmakers, legislative, Legislature, state government, students, universities

ACROSS MISSISSIPPI — Recipients of state scholarships could see their aid packages trimmed unless the Mississippi Legislature puts more money into financial aid.

That includes the more than 20,000 residents who receive yearly grants of $500 or $1,000.

Higher Education Commissioner Hank Bounds says officials have been using money collected from state student loan repayments to supplement scholarship funds since financial aid was cut several years ago. Bounds says that nest egg is being rapidly depleted.

College Board projections show that, under the amount recommended by Gov. Phil Bryant, the financial aid fund would be almost 14 percent short of its projected needs in the budget year beginning July 1. Without more money, Bounds tells lawmakers the board would implement across-the-board cuts, lopping off an equal percentage of all awards.

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