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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
eellis@PFCU.COM
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