What Financial Aid Planning Best Practices I Should Follow?

by Luke Homen

Many practices worth following can help you obtain and increase college financial aid. Depending on your circumstances, what’s at stake may be tens of thousands of dollars, so you should research ways to maximize your non-loan student financial aid and minimize your long-term debt. This blog will give you some suggestions on how to accomplish that. Convenient Bankruptcy’s student loan lawyers help people having difficulty repaying student loans through bankruptcy proceedings and student loan discharge.

Those working at the student loan law firm Convenient Bankruptcy, Luke Homen, Alex Sullivan, and Colin Barrett are Oklahoma student loan attorneys who help clients manage their student loan debts, including seeking a discharge. If you need assistance, call us at 405-296-0079.

Given all the students we’ve helped with student loan discharges, we want more students to avoid the financial problems repaying these loans can cause by receiving financial aid they need not pay back. The University of Southern Florida (USF) has these suggestions for students and parents seeking college financial aid.

• Financial Aid Deadlines and Application Deadlines are Not the Same

Don’t be so focused on the application deadline that you miss financial aid deadlines. You don’t want your child to turn down acceptance at their college of choice because the lack of financial aid makes attendance impossible.  Make a calendar of important deadlines at the target schools so you won’t miss them.

• Fill Out the Free Application for Federal Student Aid (FAFSA) Form

It’s estimated that the U.S. Department of Education spends about $114 billion annually on college loans, grants, and work-study income for 9.7 million students. Filling out the FAFSA is the first step to accessing these resources. It should be completed no matter your family’s financial situation. 

You may qualify for more aid than you think, especially if the cost of attending college is especially high, you have a large family, and more than one child attends college. Many colleges also require a completed FAFSA to qualify for their awards and scholarships.

The FAFSA is released on October 1. You need not wait until tax season to complete and file it. Doing so is unnecessary and may result in missed deadlines or lower student aid offers.

• Does the Student Aid Report (SAR) Tell the Whole Story?

Shortly after submitting your FAFSA online, you will receive a SAR in an email. Review it to ensure the information is accurate. The SAR also will show your Expected Family Contribution (EFC). 

If the information you put on the FAFSA doesn’t fully reflect your family and financial situations, ask the college’s financial aid office for help. They may consider additional information when deciding your child’s financial aid award.

• Apply for State and School-Based Aid Separately

States provide grants and scholarships that you need not repay. Oklahoma offers need-based grants to full and part-time undergraduate students attending eligible colleges in the state. You need to fill out the FAFSA to apply. Awards are based on the applicant’s financial situation and available funding. Undocumented immigrants and those who are incarcerated may qualify.

• Compare Award Offers

Financial aid award notices usually come out in late March and early April. Unless an early decision or action is sought, most students have until May 1 to accept the college’s admissions and financial aid offers.

Compare the financial aid packages offered by each college before deciding what to do. The biggest offer may not be the best because it may be mostly or entirely in the form of loans, not grants or scholarships. 

You must also consider the gap, if any, between the financial aid offer and the expected overall cost of attendance. The lowest financial aid offer may be the best because of the schools you’re considering, the college offering it may have the lowest cost and the most grants and scholarships.

• Appeal the Award Offered

If the financial aid package isn’t what you hoped for, appeal it, and it may increase. It may be revised and increased if there’s a change in your family (a death, a divorce, or the birth of another child). Other changes that may have an impact include a parent’s job loss or losses due to an event like a flood or drought.

Trust the Student Loan Attorneys at Convenient Bankruptcy

Getting the best financial aid package requires planning, work, meeting deadlines, and advocacy. Despite your best efforts, you still may be left with unmanageable student loan debt. If that’s the case, Convenient Bankruptcy’s student loan lawyers in Oklahoma may be able to help you seek a student loan discharge.

The student loan law firm Convenient Bankruptcy team is also here to help you navigate your options and next steps if you can’t afford to repay student loans. Ready to discuss student loan discharge with our student loan lawyers? If so, call our law firm at 405-296-0079 or message us today.