As the spring deadline approaches, Columbia students seeking financial aid must file their taxes early, then submit their FAFSA form to the U.S. Department of Education. Busy keeping up with classes, many on campus don't know federal grants have just been cut. As of the 2011-2012 school year, the federal government will no longer fund the Academic Competitiveness Grant (ACG) or the National Science and Mathematics Access to Retain Talent Grant (SMART).  Even Pell Grants - reserved for lower income families - are under what the president called a "scalpel" during a recent press conference. Specifically, the White House has proposed cutting summer Pell grants. What we don’t know is how much more of federal financial aid, including Pell grants, Stafford loans and even work study will be cut by next year.  

Columbia Undergrad Jenny Vallancourt was particularly concerned about her Stafford Loans, saying:  "Um, I don't know much about Pell Grants, but I get a Stafford Loan, so I'd say that that's probably more important to me." She voiced concern about subsidies being cut, adding: "Definitely, I think that would hurt my financial situation."

Yet right now - undergrads need not be concerned about Stafford cuts. The current White House proposal to reduce Stafford loan subsidies is targeted only to graduate and professional students. But Federal Pell grants - which are exclusively for undergrads- are slated to be cut next year. 

To find out how the University and its individual schools might react, we spoke to the "guru" of Financial aid, Skip Bailey. He's the Director of Educational Financing at the School of General Studies.

"Certainly it is a concern that Pell grant funding might be reduced. It's not at all clear. It looks like some of the legislation is suggesting a 15% across the board cut. Again, we at GS would not have the ability to compensate for that loss," said Mr. Bailey.

So far, the cuts are modest. Consider that ACG and SMART Grants were only helping a few of us. According to Skip Bailey, only 40 out of 1300 students at the school of General Studies received them this year. As for Pell Grants, only 15.7% of Columbia College students receive them. And don't forget: other aid is available. "Campus-based funds" (meaning your school adds funds to its government allocation) - have not come under threat. 

Ever wonder who decides how much aid you get? It's a top-down process. The federal government disperses annual allocations to the University as a whole. Then, it's up to the Provost. Bailey adds: "The Provost's office makes decisions about how much these funds called campus based-funds - SEOG is on of the three - Perkins loan, and Federal Work-Study, the three of those comprise campus-based funds. It means federal government money that the campus receives and the campus then allocates it. So the Provost decides how much GS gets in SEOG, Perkins, and the Federal Work-Study Program."

That said, be proactive - scholarship money is there to be had, both internally from Columbia endowment funds, and of course hundreds of outside scholarships as well

"I think most students should avail themselves of these search opportunities. You never know if you're part of an included group and never knew it," Bailey adds. As application season begins, make the most of available resources.