TOLEDO (WTOL) - University of Toledo students, depending on the scholarship, may not get as much help next time around.
These changes could happen as early as next semester. The 1300 hundred scholarships are from an endowment fund, or money that is invested in the stock market. Simply put, as the stock market goes down so does the amount of money that is awarded for scholarships. It's just another way the loss on Wall Street is hitting home.
This time, it may affect students at the University of Toledo. UT Vice President of Institutional Advancement Vern Snyder says endowed scholarships are awarded based on how much money they earn in the stock market. No earnings means no scholarship money. "Some of those scholarships are underwater, meaning by regulation -- federal regulation, state regulation -- we can't spend from them. Therefore, the scholarships can not be awarded."
A loss in scholarship money for some students may mean putting dreams on hold. "I wouldn't be able to go to school. The scholarship is what helps me get up here and do what I want. So I worked hard all through high school to be able to get the grades to be on academic scholarship," said UT Student Brittany.
She's not alone. In all, 9,000 students on UT's campus receive scholarship money. In addition to asking for more donations, Snyder says the school also plans to use money from different funds. That should help minimize the impact students feel from the weakening economy.