5 Ways to Get More Financial Aid in a Tough Economy

If you have received your financial aid award letter, you are most likely thinking about the best way you can get assistance in paying for college.

An article published recently in FoxBusiness.com discusses five ways to get more financial aid in this challenging economy.

“The number of college-bound students applying for financial aid is up by one-third since the 2008-09 school year, says Mark Kantrowitz, publisher of scholarship matcher FastWeb.com. But the amount of aid available hasn’t kept up. The end result has been less financial assistance to go around.” (Read more)

The recession has caused an overwhelming amount of individuals to apply for assistance. These five resources will help you raise the bar so you can outshine other applicants & receive more financial aid.

• Appeal with proof

Simply stating your need for aid with the administration office just won’t cut it anymore. So many letters are received that to reach your goal you must have substantial, honest evidence.

• Special circumstances

Don’t just say that you are ill or lost your job. Provide documents! Medical bills, letter of unemployment, foreclosure notice, anything that will support that you have a special need. “You might not receive an adjustment to your aid package right away. Don’t give up. If you can afford to enroll, appeal again a few months. “You’re more likely to get additional assistance for (these) circumstances if you’re already attending,” says Larry Dannenberg, founder of College Solutions.

• If your “B choice” offers more.

If your dream school has a significantly higher tuition price than your second college choice is offering, go to the college administration office of your #1 university choice, and show them your competing aid award. Universities may compromise and match that tuition price, especially when they may lose a student to a competitor.

• Save money during the summer

As a student, you can attend a state school for a far cheaper piece during the summer, or multiple summers. Most universities have transfer credits. Use those credits to go to a cheaper school for a few months. This can also help you graduate early.

• Pay in advance!

It might sound hard to pay for four years of college at once, but if you can manage, there are, in some circumstances, discounts. Another way to secure this option is if you have received a merit award or a few scholarships. You will then save money through the financial awards & an additional discount for paying your full tuition up front!