To appeal or not to appeal

Seniors,
Your financial aid award letters should be rolling in now and it's just about time for you to make your big decisions. But, did your schools offer you as much as they could have? Should you appeal their total award package they offered you? Some say no, some say yes, most say "it depends." I lean toward the last option myself. This NY Times article does a great job of explaining exactly when you would really need to appeal for a greater financial aid award package: http://www.nytimes.com/2014/04/05/your-money/paying-for-college/for-many-families-college-financial-aid-packages-are-worth-an-appeal.html?_r=1

You should appeal your award package if there is some sort of financial discrepancy that is not otherwise noted on your FAFSA.

• Are your parents wages being garnished due to debt collections? 
• Is there a family member who is receiving costly medical care for a serious illness/disability?
• Has a parent lost their job within the last year that is not reflected on their taxes?
• Are they paying for parent or family member in a nursing home?

Any of these reasons would need to be clearly documented and able to be given to the school as backup if needed. Some schools will also considering appealing your package if you have a greater package from a comparable school. 

I suggest parents and students read the article. It's really informative and full of stats and info you might not have thought about before regarding financial aid.

-ms. miller pecora

Financial Aid tips from www.FastWeb.com

Top Ten Financial Aid Tips from Fastweb.com 
1. Start saving for college and searching for scholarships as soon as possible. Every dollar you save or win is a dollar less you'll have to borrow. Every dollar you borrow will cost you about two dollars by the time you've repaid the debt.

2. Answer all the optional questions when using a scholarship matching service. Students who answer the optional questions match about twice as many scholarships as students who answer just the required questions.

3. Google your name and review your Facebook account to ensure that you have a professional online presence.

4. If you have to pay money to get money, it's probably a scam.

5. File the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1 at www.fafsa.ed.gov. The FAFSA is the gateway to financial aid from the federal and state governments and most colleges and universities.

6. Education debt may be good debt because it is an investment in your future. But too much of a good thing can hurt you. Total student loan debt at graduation should be less than your annual starting salary, and ideally a lot less. If your debt is less than your annual income, you will be able to repay your student loans in about 10 years. Otherwise you will struggle to repay your loans and may still be in repayment
when your children enroll in college.

7. Always borrow federal first. Federal student loans are cheaper, more available and have better repayment terms than private student loans.

8. Live like a student while you are in school so you don’t have to live like a student after you graduate.

9. Compare colleges based on the net price, the difference between the total cost of attendance and just gift aid (grants and scholarships). This is the amount you will have to pay from savings, income and loans to cover college costs.

10. If you have any unusual circumstances, ask the college’s financial aid administrator for a professional judgment review. Some colleges call it a special circumstances review or financial aid appeal. Unusual financial circumstances may include anything that has changed from last year to this year
or anything that differentiates the family from the typical family. Examples include job loss, salary reductions, death of a wage-earner, high dependent care expenses for a special needs child or elderly parent and high unreimbursed medical or dental expenses.

-Ms. Miller-Pecora

Financial Info for Students

Hey seniors, 

Someone recently reached out to me about a great website that's very helpful for students who are about to go into college. The main website is www.debt.org and below are some of the articles that are going to be especially helpful for you as you begin to establish your financial independence. Check them out! 

Building and Repairing Your Credit History
debt.org/credit/improving-your-score/

College Budgeting 101
debt.org/students/college-budgeting-101/

Income Based Repayment Loans
debt.org/students/income-based-repayment-loans/

How to Pay Back Student Loans
debt.org/students/how-to-pay-back-loans/

-Ms. Miller