"For many families, this year’s process of applying for financial aid might be notably different than it was in the past," The Wall Street Journal reports. "That is because the financial-aid forms for the 2021-22 academic year are based on income from 2019. As a result of the pandemic lockdowns wreaking havoc on their finances, more families are likely to seek professional judgment from financial-aid administrators who have the authority to adjust their awards."

"This is something students were always able to do, before Covid-19, if they had a change in circumstances that could change their aid, such as a job loss or major medical issue. 'But certainly now institutions are prepared for a greater influx of these requests due to the impact of the virus,' says Megan Coval, vice president of policy and federal relations at the National Association of Student Financial Aid Administrators."

..."Families should be prepared to share what happened to cause the change in income. The financial-aid office could request a variety of documents, such as a statement on letterhead indicating the last date of employment, copies of paychecks, and documentation of the gross income for the person whose employment status changed, Ms. Coval says.

2. Don’t assume you won’t qualify

Some families don’t fill out the financial-aid forms because they think they make too much money to qualify. But it is always a good idea to fill out the forms anyway, and it is especially true if you had a job loss or a significant reduction in income, since you could now be eligible for aid that you weren’t eligible for before, Ms. Coval says. For instance, even if you still make too much money to qualify for a federal Pell Grant, you may now be eligible for institutional funds, so it is worth applying, she says."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

Publication Date: 9/7/2020