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Can you get a great aid offer by crossing your fingers? Probably not, but you can take steps to improve your chances.
Before you tackle your financial aid applications, consider what you can do to improve your eligibility for the best kind of aid.
Be an excellent student in high school (and college)
Applying to colleges where you stand out academically can pay off. Students whose grades and scores put them within the top fourth of the current freshman class are more likely to get better awards. These students need to keep up the good work in college. Some aid requires the student to earn a minimum GPA each year of college.
Find colleges that are generous with aid
Research the financial aid track record of colleges. Look at their history of meeting financial need and offering cost-reducingneed-based gift aidandmerit aid. Also look up the aid offered after freshman year for signs of "front-loading," when gift aid amounts shrink after the first year of college. (View this data in any CollegeDataCollege Profile.)
Anticipate the aid formulas the colleges will use
Most colleges calculate aid with a government formula, using information provided by the family in theirFAFSA. But about 260 mostly private colleges also use the PROFILE aid application to allocate their own aid. ThePROFILEformula dives deeper into a family's financial picture. For example, the FAFSA does not count home equity, but many PROFILE colleges do.
Get smart about college savings
529 savings accountsare designed for college saving. If they are owned by the parent or student, aid formulas will assess them at a lower rate than other assets. Other savers, such as grandparents, should wait to provide college money until the student's last aid application has been filed. Otherwise the money given to the student (or given to the college for the benefit of the student) will be counted as student income and assessed at 50 percent.
Reduce parental assets
Colleges expect parents to use from 5 to 5.64 percent of theirassetsto pay for college. (A portion of assets is protected by the FAFSA formula.) Parents can reduce assets by paying off consumer debt or making major purchases.
Reduce money belonging to the student
Colleges expect the student to use substantial portions of his or her income and assets to pay for college. Consider spending down student savings and assets on items needed for college, such as a computer. Or place that money in a 529 savings account, where colleges using the government formula will assess it at the lower parent rate.
Apply for aid well before the deadline
Submit your aid applications sooner than later since cost-reducing aid (grants and scholarships) is often allocated well before the official financial aid application deadline.
Know when and how to appeal aid awards
Some financial circ*mstances are temporary or change after an aid application has been submitted. For example, a parent might have received a one-time bonus. Or a job might have been lost. You can file anaid appeal successfully if you have a good reason. You can also show the college a better offer from another college and ask for reconsideration of your aid package.
FAQs
If your grades slipped due to extenuating circ*mstances, such as a death in the family, an illness or other reasons outside of your control, you may be able to appeal your financial aid office's decision and regain your eligibility.
Can I regain my financial aid eligibility? ›
If your grades slipped due to extenuating circ*mstances, such as a death in the family, an illness or other reasons outside of your control, you may be able to appeal your financial aid office's decision and regain your eligibility.
What should you do if you become ineligible for financial aid? ›
What can I do? To continue receiving federal student aid, you must make satisfactory academic progress in college or career school. If you disagree with the school's decision, you can potentially appeal the decision that made you ineligible to receive federal student aid.
How do I maximize my financial aid on FAFSA? ›
How to Get the Most Financial Aid? 7 Tips to Maximize College Funding
- File forms as early as possible. ...
- Minimize student assets. ...
- Understand and utilize FAFSA strategies. ...
- Fill out FAFSA regardless of income. ...
- Prepare for merit-based aid possibilities. ...
- Consider even top-rated schools as options.
Appealing for more financial aid
You can appeal for additional financial aid due to a change in your family or financial circ*mstances or because you don't feel the information on your financial aid forms accurately represents your ability to pay for college.
Can I get financial aid again after losing it? ›
Possible steps to regain your financial aid depend on why you lost it. For example, you can file an appeal with your school if you lost it due to poor academic performance. If you're not sure how to proceed or why you lost your financial aid, contact your school's financial aid office.
Can you get FAFSA again after failing? ›
To regain access to federal aid, you'll need to show your institution that you can make satisfactory academic progress as outlined by the financial aid office.
Is $100,000 too much for FAFSA? ›
But you might be surprised to learn that there are no FAFSA income limits to qualify for aid. For example, a family with a household income of hundreds of thousands of dollars could be helped by other factors in the FAFSA formula, including school costs and the number of siblings also attending school.
How do I maximize my Pell Grant? ›
Enroll as a full-time student: The Pell Grant amount is affected by your enrollment status. Full-time students generally receive a higher award than part-time students. If possible, maintain full-time enrollment to maximize your Pell Grant benefits.
Can FAFSA check your bank account? ›
Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.
The FAFSA formula doesn't expect students or families to use all of their adjusted available income to pay for college. The formula allocates 50 percent of a dependent student's adjusted available income to cover college expenses and anywhere from 22 to 47 percent of parents' available income.
What are good reasons for financial aid appeal? ›
Valid reasons for an appeal include:
- medical emergencies.
- severe health issues.
- severe personal or family problems.
- financial or personal catastrophe.
- return for a second degree or certificate.
Your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) all could be considered in the formula. Also considered are your family size and the number of family members who will attend college or career school during the year.
How long does SAP suspension last? ›
How long does SAP restriction and/or probation last? Restriction: Lasts until an approved SAP appeal and/or you begin to meet SAP standards. Even if an appeal is approved, you may be put on a one-semester SAP probation in order to best monitor your academic progress.
What does it mean when your financial aid says currently ineligible? ›
Financial Aid Ineligibility
A student is ineligible to receive financial assistance if he/she has defaulted on a student loan, owes a refund to any of the federal programs, does not maintain satisfactory academic progress, or has been convicted of selling or possessing illegal drugs.
How many times can you reapply for FAFSA? ›
The FAFSA form applies to a single academic year. That means you need to submit a FAFSA form each year—and make sure you meet the FAFSA deadlines for state and school aid to maximize the amount and types of aid you could receive.
