Tips for securing more financial aid in a tough economy
10.07.2009 – (COLUMBUS)—Higher education fees have greatly increased over the years, often placing students and families in challenging financial situations. Many families rely on financial aid to help cover the costs of a college education, but a confusing application process can make it tricky to secure adequate funding.
In addition, the economic crisis is causing some students to change their initial plans and opt for less expensive schools, according to a spring 2009 survey by The Princeton Review.
The Ohio Society of CPAs recommends that families take these steps to help secure the maximum amount of financial aid.
Acquire the FAFSA free application. One major source for financial aid is the Free Application for Federal Student Aid (FAFSA). The government mandated application deadline is June; however, most colleges suggest applying in the fall. In order to get the most money possible for your family’s financial situation, apply early and no later than the specific school’s deadline.
Proof your application thoroughly. Make sure there are no errors for any mistake can stall action on your application and therefore, funding. Sign and keep a copy for your personal records.
Contact the college financial aid office. Colleges usually base the amount of financial aid granted on parents’ prior year tax return. However, in this ever-changing economy, last year’s tax return may not reflect your actual financial situation when you apply. Write to the college financial aid office to inform them if one parent has lost a job and there is only one income on which aid should be based. The office may take your situation into consideration and aware a greater amount of aid.
When the financial aid package arrives, if it is less than you expected, have your student call the college financial aid office. He could ask if there are any other sources of aid available that he hasn’t explored. Or, mentioning more generous financial offerings from other schools may incent the college to find more aid for your student. While there is no guarantee this will work, there’s no harm in asking.
For more tips on saving for college or managing your money, visit OSCPA's Financial Fitness Ohio Web Site.
The Ohio Society of CPAs, established in 1908, represents more than 23,000 CPAs in business, education, government and public accounting. OSCPA members not only meet statutory and regulatory requirements as CPAs, but also embrace the highest standards of professional and ethical performance. This is achieved through ongoing professional education, comprehensive quality review and compliance with a strict Code of Professional Conduct.
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- With the national unemployment rate in the double digits, many families are struggling to find the money to send high school graduates to college.
- In addition, the economic crisis is causing some students to change their initial plans and opt for less expensive schools, according to a spring 2009 survey by The Princeton Review.
- A few simple strategies could help struggling families secure a higher amount of financial aid.
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