Re-Negotiate Financial Aid If Your Situation Has Changed

For some parents and soon-to-be college students, it’s been 7 long months since the FAFSA was submitted and nearly that long since the financial aid award letter was received.

In that time, financial situations may have changed. If that’s the case for you, an article in Reuters suggest that you go back to your financial aid office and let them know if your new situation, and ask for more aid.

“If your family’s financial situation has changed for the worse, with illness or job loss, you can go back to the financial aid office and ask for more money,” says the author of the article.

It’s very likely that this is something most people do not do. Re-negotiating financial aid isn’t always the answer, but it certainly is if your financial situation is very different than it was when you first applied. Another negotiation could lead to some alternatives that may not have be offered to you, including work study, university-specific scholarships or grants, or an increased amount of federal loans.

At the very least, take another look at your ability to pay for college and consider all of your options. Remember that financial aid is designed to help you pay for college, so if you are now in need but you weren’t before, that’s a good reason to go back to your financial aid office and see what’s available to you now.

Source: http://www.reuters.com/article/2011/08/03/us-column-personalfinance-idUSTRE7723CF20110803