Financial aid benefits all

More money in the pockets of the students means more for the city of Carbondale.
According to a university news release, 6,685 SIU Carbondale students received $23.2 million in federal financial aid and $170,000 in Parent Plus Loans. While that will be the bulk of the funds, according to the news release, more will come.
In fiscal year 2010 and 2011, more than $182.6 million was dolled out in undergraduate financial aid with more than $99 million in graduate stu-dent financial aid.
City Manager Kevin Baity said it is difficult to track exactly how much the city benefits because there are variables that include bursar bills, credit card debt, and rent and utilities owed. It is also difficult to track the benefits because sales tax revenues are recorded as monthly sales in quarterly increments. However, he said it’s probably safe to say that the $23.2 million will be beneficial.
“Of the $23.2 million, I would venture to say the university will retain a very large portion as payment towards the students’ bursar bills,” Baity said. “If the students were to actually receive 5 percent or $1.16 million, they may spend 20 percent or $232,000 in Carbondale. Based on that number, the city could realize up to $7,000 in retail sales tax, depending on what was purchased.”
According to SIU 42 percent of financial aid refunds were electronic direct deposits and the rest were through physical checks.
codell.rodriguez@thesouthern.com
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