Struggling families can afford college next year to apply for financial assistance or ask the financial student for college office for more money.
Here Are Ways To Get More Financial Student Aid For College (PHOTO: iStock)
Get More Financial Aid For College
Pursuing college is hard enough, but figuring out how to pay for it is another burden. Most families already find it difficult to pay the price of higher education and those expenses are only rising. According to the College Board ttuition and fees plus room and board for a four-year private college averaged $53,430 in the 2022-2023 school year at four-year, in-state public colleges, it was $23,250.
Additionally, with the growing financial pressure of inflation and a four-year degree is almost out of reach. These days, most students and their parents depend on a combination of resources, including student loans to cover the tab making a school’s financial aid award letter just as important as the acceptance letter.
Here Are Some Of Financial Student Aid For College
1. Apply for financial aid
Several families haven’t applied for financial aid for college and as of February, 38.4 percent of the high school class of 2023 had finished the Free Application for Federal Student Aid, or FAFSA, according to the National College Attainment Network. Mary Jo Terry, a managing partner at Yrefy, a private student loan refinancing company said “It’s not too late to afford college.”
For families who have finished filing the FAFSA but are still concerned about making ends meet, it is also possible to amend their FAFSA form or ask the college financial aid office for additional aid, particularly if you’ve experienced a transition in your financial situation, such as a job loss or a disability, according to Kalman Chany, a financial aid consultant and author of The Princeton Review’s “Paying for College.”
2. Negotiate for more school aid
It’s significant to comprehend the formula colleges use to come up with the expected family contribution. Financial aid is determined by earnings information that is not necessarily up to date. But first, also make sure you comprehend the financial aid award letter, particularly the difference between scholarships and loans, whether those funds are renewable for all four years, and if they come with contingencies such as holding a certain grade point average.
Then, prepare a response with documentation displaying any changes in assets, income, benefits, or expenses. If the financial aid package from another similar school was better, that is also worth documenting in an appeal.
3. Leverage private scholarships
Consider other sources for merit-based aid. There are around 1.7 million private scholarships and fellowships available, often supported by foundations, corporations, and other independent organizations, with a total value of more than $7.4 billion, according to higher education expert Mark Kantrowitz. For more information check with financial students for college, or ask your high school counselor about opportunities. You can also explore websites like Scholarships.com and the College Board.
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