Financial aid to increase by $11.8M if budget passes

Current and incoming students may soon see an increase in their financial aid packages. The Board of Trustees has proposed to increase the University’s current financial aid by $11.8 million, Vice President of Finance Richard Cate said. “[The increase] is such a great need for the University, in order to avoid many of the financial issues caused by the recession,” Cate said. An increase to the current $12 million aid pool was also proposed because of the desire for the University to maintain its quality and diversity of students, a University Communications article stated. The proposed budget plan also intends to raise the tuition rate of the University by 5.8 percent, bringing with it a need for more financial aid availability, the article stated. An increase in financial aid would allow more families to qualify for support from the University and would allow more students to attend UVM, the article stated. While Cate defends the need for the increase in tuition and financial aid, some students are concerned about where their money is going. “I want to see how the students will benefit; the school should clearly outline where my money is going,” first year Jake Shumsky said. “It’s hard enough to afford this school, especially for an out-of-stater like myself.” President Daniel Mark Fogel said that the proposed budget increase for 2012 would necessitate cuts that will adversely impact the University generally and enrollment specifically in the near and long term,” he said. The new budget is set to be voted on at the Board of Trustees meeting on May 20, Cate said.