With a little more than two weeks before classes start, students eligible for Access Missouri scholarships received good news Friday when Gov. Jay Nixon announced the maximum award will increase by 21 percent.
State lawmakers approved Nixon's recommendation to add $4 million to the fund and increase allowed spending by $7 million, to $76.5 million, allowing for the increased awards. Students attending four-year schools will be eligible for up to $2,250, up $400 from last year, and students at two-year colleges will be able to receive up to $1,030, up from $850.
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"In a knowledge-based economy, the high-growth and high-tech industries of the future need well-educated workers," Nixon said in a news release. "That's why my administration has made college affordability a top priority, strengthening and expanding our scholarship programs and ensuring Missouri remains a national leader in holding down tuition costs."
In the 2015-16 school year, 48,301 students received awards, according to figures presented in June to the Coordinating Board for Higher Education. Of that number, 10,157 attended one of the University of Missouri's four campuses.
The average award across the four UM campuses was $1,583. The approximately 5,000 students attending MU who received Access Missouri awards received an average award of $1,630.
Access Missouri is the state's major need-based scholarship program. Students whose families are unable to contribute more than $12,000 for their education costs are eligible if they are enrolled full time and maintain a grade point average of 2.5 or higher.
Under state law, the maximum award for students at four-year schools is $2,850 and the minimum award is $1,500. The maximum award at two-year colleges is $1,300 and the minimum is $300. If appropriations are not enough to pay out the legal maximum, the top award is adjusted downward by the coordinating board.
Not every MU student will see an increased award, Nick Prewett, director of student financial aid wrote in an email. And those who do receive a larger award might not see an increase in their overall financial aid packet, he wrote.
For some, it could mean borrowing less, he wrote.
The university also provides need-based grants and more funding for Access Missouri could allow more students to participate, he wrote.
"We will work to extend the eligibility of our institutional need-based grant," Prewett said.
The state's two other major grant programs, the A+ Scholarship and Bright Flight, also saw funding increases, Nixon said in the news release.
The A+ Scholarship, available to graduates of almost all Missouri high schools, pays for tuition at community colleges for students who meet academic and public service requirements. Bright Flight provides stipends based on achievement to students who score in the top 3 percent on college entrance exams.
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Source: Access Missouri grants to increase 21 percent, Nixon says
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