CARBONDALE — SIU will take a $132,000 hit thanks to a mistake by the Illinois Student Assistance Commission, officials said Tuesday.
ISAC, the state agency responsible for managing and administering financial aid to college students, announced recently it had miscalculated the amount of Monetary Award Program grants available to students and would have to make a 10 percent cutback, a sum of about $2 million statewide.
The mistake could have meant less money for about 318 students at SIU Carbondale, which will lose between $106,000 and $107,000 because of the error.
Campus spokesman Rod Sievers said the administration has decided to pay the money back to ISAC from its own funds, rather than ask for repayment from the affected students.
“We’re going to step up and do the right thing here,” Sievers said, noting he’s not sure where the money will come from. “We’re going to have to figure that out.”
SIU Carbondale has to pay the money back to ISAC by May 20, Sievers said.
SIU Edwardsville is losing about $25,000 in MAP grant funding, university President Glenn Poshard said. A majority of students in the SIU system receive MAP funding.
Last year about 4,600 students on the Carbondale campus were MAP recipients, Sievers said.
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