DePaul Bails Out Students Affected By Grant Error - NBC Chicago

DePaul Bails Out Students Affected By Grant Error

Agency's $2 million mistake costs 9,500 students statewide



    DePaul Bails Out Students Affected By Grant Error
    (file photo)

    More than 300 DePaul students are breathing a sigh of relief.

    School president the Rev. Dennis H. Holtschneider announced Thursday that the school will shell out $140,000 to students affected by a state error that would have forced them to pay back grant money.

    The Illinois Student Assistance Commission over-committed around $2 million in Monetary Award Program funds, and was seeking to recoup the money by asking 9,500 students who received the grants statewide to each pay back $210.

    DePaul has a contingency fund to help pay for unexpected financial situations, and is using it to cover the shortfall for its 325 affected students.

    University of Illinois spokeman Tom Hardy told NBC 5 that no decision has been made, but it's "very likely" school officials will also assist their affected students. Six hundred and sixty-one U of I students across three campuses are affected, creating a shortfall of more than $240,000. 

    According to Crain's Chicago, the state error hit Northern Illinois University students to the tune of $100,000, and seven other schools stand to lose at least $50,000 each.