"If your financial aid package falls short, applying for merit-based aid, looking into tuition assistance programs — and even crowdfunding, are some viable options you could explore to help cover the costs of college," moneyunder30.com reports.
..."You probably think I’m joking, but I’m actually dead serious. Yes, you can absolutely ask for more aid.
Jill Desjean, a policy analyst at the National Association of Student Financial Aid Administrators (NASFAA), says that you can always request your school to reconsider your financial aid award if your economic circumstances have changed (i.e. you or your parents are earning less) or if you think your aid package was based on incomplete information.
'The FAFSA is based on two-year-old income, and a lot can change in that time. So, if a student’s financial circumstances are very different from what was reported on the FAFSA, they should indicate that to their school’s financial aid office and provide documentation.'"
..."If all else fails, you can always apply for private student loans to help cover the costs of college. However, Castellano, from Sallie Mae, points out that you’ll often need a co-signer to qualify, and one that has excellent credit.
Private student loans don’t offer the same protections as federal student loans and can have variable or fixed interest rates that can be as high as 16%.
Desjean, from NASFAA, says that before applying for a private student loan, 'borrowers should consider interest rates, repayment plan options, lender reputation, the need for a co-signer, whether the loan provides for a co-signer release, and options for reducing or temporarily suspending repayments for future education or for periods of economic hardship.'”
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: 12/10/2021