$745K financial award OK’d

The board of directors of the Saipan Higher Education Financial Assistance approved yesterday the awarding of $745,500 financial assistance to 448 students.

The amount covers $87,800 for new on-island students, $229,400 for 148 ongoing on-island recipients, $68,000 for 50 new off-island students, and $360,300 for 149 ongoing off-island recipients.

Of the total amount to be awarded, $438,000 is for grant in aid scholars; $127,000 is for field of study scholars; and $180,500 is for incentive awards.

SHEFA administrator Henry Hofschneider said the 448 approved applications were as of yesterday and he expects the final number to go up as there are still 202 applications that are pending review. He estimates that 70 may be found eligible.

SHEFA received a total of 803 applications for the fall 2011 semester; 601 applications have been been reviewed so far. A total of 448 were found eligible while 153 were rejected, mainly due to noncompliance with requirements and standards.

Of the 153 applications that were denied, 152 were undergraduates and one is pursuing a master’s degree, Hofschneider said.

The board earlier approved a disbursement ceiling of $1.5 million for every semester to make sure funding is equally allocated for two academic terms. Hofschneider said that whatever is left of the $1.5 million budgeted for the semester will be carried over to the next academic term. He emphasized that SHEFA’s priority are undergraduates.

Hofschneider also disclosed that his office received four applications from students of the Northern Marianas Trade Institute, all of which are pending his review. “We cannot say for now if they will be eligible.because it’s still up to the board,” he added.

Hofschneider said that Trade Institute students fall under the program’s last priority.

Based on SHEFA regulations, the top priority for financial assistance are undergraduates, master’s students, and online applicants. NMTI students come fourth on the list.

As of yesterday, SHEFA is still awaiting the disbursement of 293 checks pending at the Department of Finance, totaling $560,300-261 checks for the first batch of scholars for fall 2011 amounting to $473,100 and 13 checks for spring 2011 semester amounting to $14,200.

Also, 18 checks for the fall 2010 semester remain pending, amounting $76,000. Hofschneider said the delayed disbursement is a result of declining government revenue.

This fiscal year, SHEFA is allocated $3 million for scholarship awards and $100,000 for operation.