Financial Aid Tips From the Experts
Understanding the often-confusing financial aid process is very important if you are to maximize your chances of receiving a good financial aid package. Utilize resources such as high school guidance counselors, financial aid officers, state higher education agencies and local libraries. They serve as excellent sources of information for the financial aid process and how it might apply to your family's circumstances. The following tips from financial aid experts may also be of help:
- Be conscious of financial aid deadlines and apply early. Depending on the type of aid you are applying for, schools have limited resources so late applications may hurt your chances of receiving aid.
- Choose one or two schools that are affordable and that you would be happy to attend, in the event that your top school choices are too expensive.
- Make copies of all completed forms and keep records of deadlines and when you've sent all forms.
- Check with top-choice schools to make sure your financial aid files are complete and that they've been processed.
- Respond to any questions from a financial aid office immediately. This could make the difference between being accepted and being eliminated as an award recipient.
- If your family's financial circumstances have changed significantly since you submitted the FAFSA, send a letter to the financial aid administrator at the school, requesting a professional judgment review of your case. Describe the change in personal circumstances, if possible.
- If your financial aid application is selected for verification, the school will require you to submit additional documentation, such as signed copies of your tax returns, W-2 and 1099 forms. The federal government selects 30 percent of the FAFSAs for verification. Some schools, to be fair, require all students to complete verification.
- Find out if any aid you are given is renewable and how much you can expect (if any) in subsequent years. Reapply for aid, if necessary, each year you are in school.
- If you are turned down for aid, but believe that you qualify, contact the financial aid office. Emphasize any circumstances that may have been overlooked. Realize that the first award letter you receive from a school is not necessarily set in stone.
Excerpted from "A LifeCare® Guide: College Financial Planning" Copyright© 2004 LifeCare® Inc. All rights reserved.
This publication is for general informational purposes only and it is not intended to provide any reader with specific authority, advice or recommendations. Where you deem necessary, we suggest that you seek advice regarding your particular situation from the appropriate professional.
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