UNM students who rely on Pell Grants to finance their educations can breathe a sigh of relief - the national program's life has been extended for at least one more year.
Congress voted on Jan. 22 to leave the Pell Grant program, designed to support U.S. college students in financial need, untouched for the next fiscal year.
The decision brought relief to the country's college community, which feared several proposed changes Congress was considering would have shifted the formula that determines a student's financial need.
More than 85,000 students would have lost their Pell Grant eligibility if the changes were passed, according to the Chronicle of Higher Education.
"This decision should definitely help the students of UNM who rely on this program to fund their educations," said Ron Martinez, director of the University's Financial Aid Department. "I was concerned about its future and am glad that it will continue."
Martinez said more than 8,000 UNM students participate in the Pell Grant program and receive nearly $23 million a year in financial aid through it.
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Martinez was like many national lobbyists who voiced their frustration because there was no increase to the $4,050 maximum Pell Grant allotment, especially when tuition rates have increased nationwide and many institutions have lost state funding.
"Of course college students could have benefited from an increase in money they could receive through the program, but we are just satisfied that the program will remain as is," Martinez said.
Becky Timmons, director of public affairs for the American Council of Education, said the unfortunate reality is that college is becoming less and less affordable each year because of cuts in many financial aid programs.
"Students are always appreciative of extra assistance wherever it comes from," she said. "The economy is tight right now, but it is disappointing that Congress couldn't come up with at least a generous increase."
Many UNM students agree, saying the Pell Grant program is critical to their college educations, and they are grateful for whatever they receive.
Andrea Casaus, a UNM freshman, said a biannual Pell Grant is a large part of her yearly financial aid package. Even with the grant, she said she had to take out a student loan this semester to offset the cost of college.
"Pell Grants are by no means going to make or break a person's education," she said. "If someone wants to get that degree, they'll find a way. The grants do make the ride more comfortable, though, and decide whether a person is eating Spam or steak for dinner."
