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Home › Articles › Education › The Financial Aid Puzzle

The Financial Aid Puzzle

Avoiding Financial Aid Foibles

By Alice Patenaude

Pages:  1  2  3  4  

  • Failure to address special considerations properly. Events such as a death in the family, separation, divorce, loss of job or earnings, medical expenses, etc. can impact aid eligibility.

  • Failure to use current regulations and application forms. The federal government revises the formula and applications on an annual basis. Often, parents and students are unaware of these changes, which may result in a loss of aid.

  • Failure to refile for aid each year. "A student should re-apply for aid every year he or she is in college, even if funding was not granted the previous year. Sometimes, just having two children in private school will affect the application," says Daly.

  • Failure to seek out a college financial planning specialist. Professionals like Daly can help you secure the aid you need.

    From the parent perspective, Phyllis Smith suggests encouraging your son or daughter to check Web sites and fill out scholarship applications and essays. "Sometimes this is tough for your child to do, especially if he or she works," says Smith. "We found the financial aid officer at our daughter's chosen college to be very helpful. The low-cost Plus Loans for Parents are another option if you don't want to raid your higher interest accounts to help fund your child's higher education."

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