Facing a big college tuition bill post-pink slip? College planning experts discuss your options
Many of those unlucky enough to be laid off in recent months also happen to be the parents of college age kids with big tuition bills looming. The ultimate double whammy! If you’re in this predicament, you’re no doubt wondering: “What are my options??”
Well, if you attended my presentation to the Network for Work group on June 25 or read Pamme Boutselis’ “pink slip lemonade” story, you are probably already aware that — assuming you filled out a Free Application for Federal Student Aid (FAFSA) for the current year — one option is to request a review of your college financial aid award. In today’s post, we hear from guest blogger and college planning expert Todd Weaver, Senior Associate with Strategies for College, Inc., on how to do just that.
Putting that college sticker on the back window of the family SUV is a family’s way of saying who really owns that car! Finding ways to pay for that sticker, or rather, for Junior’s college education is a daunting task in today’s economy.
Sadly, another part of today’s faltering economy is the growing number of unemployed, in particular, the wage earners of families putting kids through college. You can plan all you want but there are always a chance that a financial crisis might occur and derail those plans.
Approaching the Financial Aid office at your son or daughter’s college is not always an easy thing for families to do. The emotional issues many Americans have when it comes to money can paralyze them and send them further into the depths of debt.
Having the strength and knowledge to put together an appeal to the Financial Aid office after losing a job, or having some other kind of change to the family financial situation, is of utmost importance when trying to help your child finish their undergraduate career – despite the change in circumstances.
Important items to prepare for an appeal for more aid:
- Statements showing severance, unemployment assistance, etc. in order to have proof for the appeal
- Making the effort to visit the financial aid officer in charge of your student’s account, in person if possible, to plead your case. (You may want to think about how you plan to present yourself in that forum as well.)
- Research options for more loans, outside scholarships, help from family members
- Student options – take time off from school to work and save $$, take basic courses at a community college, transfer to another school that may be able to offer more aid
Once the appeal is put together in writing and presented in person, the waiting period begins. Assuming all goes well and the college has money to offer, you may find your family is able to ride out these challenging times. Knowing what your BATNA (best alternative to a negotiated agreement) is before storming into the aid office demanding more money will show the financial aid officer that you’ve done your homework and that your student is serious about continuing his or her work toward an undergraduate degree.
Todd Fothergill, Founder and President of Strategies for College, Inc., notes in addition that, this past spring, college financial aid officers received correspondence from the U.S. Department of Education, reminding them they have the authority to adjust federal student aid awards and encouraging them to reach out to families who may qualify for, but not be aware of, this service. The upshot: Your request should not come as a surprise, and your college should be receptive to processing it! The Web site OPPORTUNITY.gov provides more information about federal student aid programs available to assist unemployed workers.
[...] With two children still living at home, one of whom was in his junior year at college, there were adjustments to be made, and bare bones expenses whenever possible. Contact was made with my son’s college to establish whether additional aid might be available (and it was) given this change of circumstance. (Sherrill’s note: For more on paying for college post-pink slip, check out this advice from the experts at Strategies for College, Inc. [...]