PHONE: 215-934-3500 or 800-832-PFCU

ABA Routing # 236084298

4 Ways to Maximize Financial Aid

Aug 13, 2018

Completing a Free Application for Federal Student Aid (FAFSA) plays a huge role in determining your child’s financial aid package for college. Check out our FAFSA tips to maximize your child’s financial aid package.
FAFSA Tips to Maximize Financial Aid

FAFSA Tips to Maximize Financial Aid

File Early

Applying as soon as possible increases your chances of receiving financial aid. The federal deadline to submit online applications for the 2018-19 school year is June 30, 2019. Any corrections or updates must be made by Sept. 14, 2019. Deadlines vary by state and college, so pay close attention to specific requirements.

Spend Savings Before Applying for Aid

The amount of money in your savings account will be factored into your child’s aid package. To maximize how much aid your child will receive, spend some of your savings to pay off any debts or bills. Another option is to pay for your child’s first year of college without aid, which may increase the amount of financial aid awarded for the next year.

Write a Letter to Explain Your Circumstances

Perhaps you recently lost your job or you’re financially burdened caring for your aging parents. These certain circumstances are not necessarily considered in the FAFSA application, and your financial situation may look a lot better on paper than in reality. If you don’t receive enough financial aid to help your financial situation, write a letter to explain your family’s circumstances. Such an appeal may increase the amount of aid offered.

Negotiate Your Aid Package

If you don’t ask, the answer will always be no. Once you receive your child’s financial aid package, negotiate the amount that was given if you feel it is not enough. Consider visiting the financial aid office at the school to talk it out in person.

Your child’s dream to attend college shouldn’t be shattered because of financial obstacles. By following these FAFSA tips when applying for financial aid, you can maximize the funds awarded.

Erin Elis 
Erin Ellis
Accredited Financial Counselor ®
Philadelphia Federal Credit Union
National Association of Federal Credit Unions 
PFCU is a proud member of the National Association of Federal Credit Unions
National Credit Union Administration 
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
Excess Share Insurance Corporation 
Additional insurance of up to $250,000 on your savings accounts is provided by Excess Share Insurance Corporation, a licensed insurance company.
Equal Housing Lender 
We do Business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

We provide links to external websites for your convenience. Philadelphia Federal Credit Union does not endorse and is not responsible for their content, links, privacy or securities policies.

Please note that the amount of money contained in your investment accounts are considered non-deposit products and therefore, are not NCUA insured, not credit union guaranteed, may lose value, are not guaranteed by any government agency. Since they are not a deposit of the Philadelphia Federal Credit Union, investment accounts do not qualify for Excess Share Insurance (ESI). Securities, Financial Planning and Insurance products are offered through LPL Financial, and its affiliates, Member FINRA, SIPC. LPL Financial and Philadelphia Federal Credit Union are independent entities.