Metro State Distributes Record Financial Aid for Fall 2010
Contact: Tim Carroll, Office 303-556-5136, Cell 303-870-7705
Posted: September 8, 2010
(Denver, Colo.) — Metropolitan State College of Denver has distributed a record level of financial aid this fall totaling more than $191 million, a 10 percent increase over last year at this time.
More than $117 million has been accepted by students to date, up 16 percent from last year, and applications continue to be processed. The College has distributed more aid this year than at this time last year, with the first disbursement totaling $35 million compared to last year’s $29 million.
“The number of students applying for financial aid is continuing to rise as result of the down economy,” Director of Financial Aid Cindy Hejl says. “We have witnessed a 30 percent increase in Pell Grants and nearly a 30 percent increase in loans received.”
Federal Pell Grants are typically awarded to undergraduate students who have not earned a bachelor’s or a professional degree. Pell Grants are awarded based on a “financial need” formula determined by the U.S. Congress and do not require repayment.
In recent weeks Metro State has been distributing more than 1,000 loan refunds checks a day, totaling $1 million in aid per day. For fall of 2010, a federal mandated 30-day waiting period is now required of students to receive financial aid if they are freshman or a first-time borrower with under 30 credit hours. This change was triggered because Metro State’s students exceeded a 10 percent default rate on their Stafford loans for the spring 2010 semester.
Financial aid applications aren’t the only increase the College is seeing. Enrollment now exceeds 24,000 students, according to Associate Vice President of Enrollment Services Judi Diaz Bonacquisti. Last year’s fall enrollment at census was 22,904 students.
As a result of the consistent growth and demands for classes, the College has taken steps to provide a 25 percent increase of classrooms, faculty offices and labs that are dedicated to Metro State in the next three years.
About Metropolitan State College of Denver
With more than 24,000 students, Metro State is Colorado’s leader in educating undergraduate Coloradans, and is one of the largest four-year public colleges in the nation. Starting in the fall of 2010, the College is offering master’s degrees in accounting and teacher education. The College enrolls the highest number of students of color among four-year colleges in the state. It boasts 67,500 alumni, with the bulk of them remaining in Colorado after graduation.