More Work-Study Student Jobs!
The additional $200-million is intended to help colleges provide more Work-Study jobs for students, but the situation is not quite that simple. Colleges match the Federal Work-Study money on a 25-percent-to-75-percent ratio, so they can take the government funds only if they have the institutional aid dollars to supplement them. Colleges have to pay Work-Study students at least the federal minimum wage, and more if required by state law. The federal minimum wage is scheduled to increase from $6.55 to $7.25 in July. Some of the new money will be absorbed by this increased cost at affected campuses.
And even if a college does offer more Work-Study jobs, it might do so by converting regular on-campus student jobs into Work-Study ones. That would help students with financial need, but it wouldn't mean a net gain in the number of jobs. Even so, that is the route some colleges will take, said Mark L. Lindenmeyer, assistant vice president and director of financial aid at Loyola College in Maryland. After all, many financial-aid offices want to give priority to needy students.
Labels: affordability, cost, financial crisis, stimulus, student aid, work-study
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