The Utah Board of Higher Education has taken swift action to address delays in federal financial aid award notifications by approving a policy to provide funding for state student aid initiatives. This funding will be sourced from the Higher Education Student Success Endowment, created in 2022 under SB172.
The endowment was established after Utah exited the student loan processing business and sold a $1.2 billion loan portfolio. The board’s policy authorizes the use of endowment proceeds for board initiatives and allocations to colleges and universities to supplement state aid programs related to financial aid, workforce development, and high-impact service.
Weber State University President Brad Mortensen emphasized the importance of state aid in supporting students affected by delays in the new Free Application for Federal Student Aid (FAFSA) form rollout. Mortensen stated that the additional funding will benefit students in need and help thousands of students at Weber State University.
Board member Javier Chavez Jr. described the FAFSA delays as a national emergency, creating barriers for Utah students in need. The endowment funds will primarily support programs such as the Utah Promise Grant, Talent Development Grant, Technical Education Scholarship, and One Utah Service Fellowship.
Despite challenges with the FAFSA process, Mortensen remains optimistic about the future benefits of simplification. Utah State University President Betsy Cantwell highlighted the significant impacts of delays on students from challenging economic backgrounds and first-generation college students.
The board’s proactive approach to addressing financial aid delays demonstrates a commitment to supporting students and ensuring access to higher education opportunities in Utah.