As a result of the current economy, Loyola’s decreased endowment has resulted in fewer funds for endowed scholarships.

Catherine Simoneaux, director of Financial Aid, said that these scholarships are not guaranteed to students every year.

“Endowment awards are granted on a yearly basis, so we don’t promise the group of students who receive it that they can be renewed every year, because we don’t know how much money is going to be available,” Simoneaux said.

The Office of Financial Aid said they will be giving endowed scholarships this year, however, fewer than previous years.

“In an endowed scholarship, what’s given out is the interest that’s earned on the account,” she said. “Universities all across America have less money to give out from that source, until the economy gets better.”

Sal Liberto, vice president for enrollment management, declined to comment on this situation.

Annalisa Hernandez, biology senior, is one of the students who will not be receiving an endowed scholarship this year. In the past, she has received the Dr. and Mrs. Jack Andonie Endowed Scholarship for Biological Sciences, which added up to $1,700 year during the 2007-2008 academic year. During the 2008-2009 academic year, her scholarship dropped to $1,400.

Hernandez said no one informed her she would not be receiving the scholarship this year.
“I found out I wasn’t going to receive it when I checked LORA in August and saw that it wasn’t there, but no one mentioned anything to me,” she said.

Hernandez said she will be fine.

“I’m not going to be affected by this,” she said. “It was just nice to have the extra money in the balance.”

Hernandez said she will go to the Office of Financial Aid to ask for an explanation as to why she did not receive the scholarship this year.

“I’d like to at least know why I’m not getting the scholarship, instead of not getting it and not being told why,” she said.

Eduardo Gonzalez can be reached at [email protected]