Wednesday, June 13, 2007

Not happy with the EFC (Expected Family Contribution) that was sent to you on your FAFSA? Frequently when families recieve the Student Aid Report from their filed FAFSA, they are amazed at how high the EFC has been set. If this has happened to you, don't despair---you can file an appeal!

If you feel that your EFC is unreasonably high, write a letter to the financial aid administrator of the college to which you are applying. Explain why you think the current package isn't enough to allow you to attend that school--maybe you had unexpected expenses since you filed your FAFSA or there are some other circumstances that have changed since you filed, or possibly the information didn't fit on the FAFSA form anywhere and you want to clarify it for them. Be sure you include some documentation to support your claim (send in tax returns, receipts from medical expenses, pay stubs, etc). You can explain why your family can't afford the expenses as they currently stand.

You can also mention your own accomplishments that might help them understand what a valuable asset you could be to their school. Prove to them that you are worthy of their consideration for more aid.

If you have been offered a better deal at another school, you can also give them that information. It may be enough to encourage them to offer you more money to get you to attend
.
This may not get you further aid, but they will know you are serious about wanting to attend their school and they may be able to increase your aid package in some way. It frequently works, so be sure to give it a try!

Friday, June 08, 2007

Your child has worked hard at putting some money into his savings account---tucking this away for future college expenses. That is an excellent habit for a young person to get into; however, for college savings, it could be costly!
Colleges generally expect a student to pay about 35% of savings accounts in his name whereas they only expect parents to pay somewhere closer to 6% of total savings for college costs. They will use both accounts to figure what the student and his family can afford to pay for college expenses, so maybe it's time to think this through a little bit.
If your child will be heading to school in the fall of 2008, you might want to consider letting him use some of his savings for camps, computers, clothing or whatever this summer and next fall. Allowing her to spend savings on things she will need at college in a year might be a good use of the money.
These and other money-savings tips are available on my website: www.homeschoolscholarships.com