Of this number, 75 will study abroad, 65 are ongoing SHEFA recipients and 10 are new applicants.
The total amount needed to cover their financial assistance is $182,500, Hofschneider told the SHEFA board during its meeting on Thursday.
The 78 applicants represented 10.051 percent of the 776 total applications SHEFA received for Fall 2011, which was 41 more than the Spring 2011 applications that totaled 735.
Of the 776 applications, SHEFA is projecting 520 applications or 67 percent to be approved on or before Sept. 30, the deadline for applicants to submit supporting documents.
The total amount needed for the 520 projected approvals is $1.2 million.
The annual appropriation for the award program is of $3 million.
Hofschneider said there were 125 more on-island applications received than off-island
He also reported the release of $11,700 by the Department of Finance on August 5 for the financial assistance award of SHEFA recipients for the Fall 2010 academic term.
The final request for Fall 2010 disbursement amounts to $75,200 now pending at Finance, and this includes the assistance for 16 Framingham State University Cohort 8 graduate students.
The $75,200 is $19,200 grant-in-aid, $24,000 field of study, and $32,000 incentives.
For Spring 2011, Hofschneider told the SHEFA board that Finance already released a total of $136,900 in financial assistance for the various pending requests in July.
Currently, he said, there’s a $13,400 pending request with Finance.
SHEFA is funded by poker fee collections.
