Stimulus funds expand the reach of HOPE scholarships
Rachel Sauls
Issue date: 8/27/09 Section: News
Over the next two years, UTC will receive approximately $24 million in federal stimulus money, Vice Chancellor Richard Brown said.
Of that $24 million, approximately $9 million will be received this year, and around $4 million has already been spent.
According to Brown, projects already underway include: training, equipment purchases and temporary hiring. Tyler Forrest, SGA president, listed the new advisement office as one of the projects stimulus money is already funding.
"It's being used on projects that we typically wouldn't get to do otherwise," Forrest said.
Further uses for the funds are still in the planning stage. Brown said the main categories stimulus money will be spent on are technology improvements, equipment, specialized programs,and temporary staff relief while keeping tuition and fees as low as possible.
According to Brown, focusing on rebalancing UTC through infrastructure improvements like energy efficiency will help the university get through the economic downturn while still providing quality education to the students.
"These funds are no panacea," Brown said. "They are not recurring funds so you can only spend them one time. But if they are spent well in a very strategic way, I think they can help the university tremendously and take some of the pressure away as we really look to rebalance the institution."
Even though the stimulus money did not directly effect the increase in tuition this fall, it kept the tuition from rising as much as projected. Forrest said that in order to receive the stimulus, universities like UTC had to keep tuition from rising more than any other year.
In addition to the money UTC received, legislation under the American Reinvestment Recovery Act of 2009, will be giving a number of students and their parents a tax credit. This new credit modifies the HOPE to help pay for costs of the first four years of college.
Tuition, fees, books and other school-related requirements will qualify. This credit will be available to families with higher incomes and those not paying taxes at all. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.
Andrew Miller, a junior from Chattanooga, said: "Even though I was skeptical at first, I think the stimulus is really going to benefit UTC. Money is tight right now and even short term relief could be a big help if it's used in the right way."
Of that $24 million, approximately $9 million will be received this year, and around $4 million has already been spent.
According to Brown, projects already underway include: training, equipment purchases and temporary hiring. Tyler Forrest, SGA president, listed the new advisement office as one of the projects stimulus money is already funding.
"It's being used on projects that we typically wouldn't get to do otherwise," Forrest said.
Further uses for the funds are still in the planning stage. Brown said the main categories stimulus money will be spent on are technology improvements, equipment, specialized programs,and temporary staff relief while keeping tuition and fees as low as possible.
According to Brown, focusing on rebalancing UTC through infrastructure improvements like energy efficiency will help the university get through the economic downturn while still providing quality education to the students.
"These funds are no panacea," Brown said. "They are not recurring funds so you can only spend them one time. But if they are spent well in a very strategic way, I think they can help the university tremendously and take some of the pressure away as we really look to rebalance the institution."
Even though the stimulus money did not directly effect the increase in tuition this fall, it kept the tuition from rising as much as projected. Forrest said that in order to receive the stimulus, universities like UTC had to keep tuition from rising more than any other year.
In addition to the money UTC received, legislation under the American Reinvestment Recovery Act of 2009, will be giving a number of students and their parents a tax credit. This new credit modifies the HOPE to help pay for costs of the first four years of college.
Tuition, fees, books and other school-related requirements will qualify. This credit will be available to families with higher incomes and those not paying taxes at all. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.
Andrew Miller, a junior from Chattanooga, said: "Even though I was skeptical at first, I think the stimulus is really going to benefit UTC. Money is tight right now and even short term relief could be a big help if it's used in the right way."
