Sequestration will cut estimated $117,000 from federal work-study aid to Georgetown
Welcome to the sequestration. $85 billion in automatic spending cuts will go into effect today, and, unfortunately for many students, the federal portion of the funding for work-study jobs will be reduced. According to the National Association of Financial Aid Administrators, Georgetown will be allocated an estimated $117,417 less for federal work-study aid than it was approved for at the beginning of the year—a 5 percent reduction to the $2,433,425 the University was originally allocated.
“These potential cuts represent broken promises to needy students and families across the country,” said NASFAA President Justin Draeger in a press release. “By the time the sequester cuts are implemented most colleges will have provided students with financial aid awards, which will then have to be reduced, leaving families scrambling to fill the gap.”
As a result, the University will likely have to make up for the gap itself, the only alternative being to cut financial aid packages. Vox is waiting on word from administrators for comment on how the sequestration will affect students. The federal government supplies a fairly small portion of financial aid to Georgetown students. The University privately supplies over 90 percent of the money.
In a bit of fortunate news, NASFAA estimates that Georgetown will not lose any federal aid through cuts to the Federal Supplemental Educational Opportunity program—additional grant money for students with demonstrated need.
Pell grants are safe so far from this round of spending cuts. Here’s what the effects of the sequestration will be on local universities.
Photo: Randen Pederson via Flickr