Transcript

Welcome to Knowledge for College brought to you by Chase, and thanks for joining us. This series of videos provides valuable information on the many important steps of going to college and financing an education.

Hi, I’m Chelsea Richardson. If your financial circumstances change after you’ve applied for financial aid, you may have options. Ken Butler will tell us what they are.

Sometimes, life changes between the time you apply for financial aid and the time you receive your award letter. These changes may impact your family’s Expected Family Contribution (or EFC) and your ability to pay for college. These changes could also make you eligible for additional financial aid.

If something impacts your family’s income, you may want to appeal your award letter with the school. If you have a qualifying event, your financial aid counselor may be able to adjust your EFC and your financial aid award. You'll need to demonstrate that special circumstances occurred after you submitted the FAFSA, and that they've affected your ability to pay for college.

These are some of the things that may qualify you for a second look at your financial aid:

• Loss of your family home

• Death of a parent

• Loss of a parent's job or pay reduction

• Increase in your household size, like with a new baby or grandparent

• Medical bills that aren't covered by insurance

• Your family has more than one student in college, this could include a parent

• Or, if another child is attending a non-public elementary or secondary school that requires tuition

All of these things can impact a family’s income, and they may make you eligible for a re-evaluation of your family's contribution.

If there's a change in your family’s financial circumstances, you should appeal the award letter as soon as you can. To do this, make an appointment with the school’s financial aid office. A face-to-face meeting is often best. If a parent cannot attend with the student, the student should appeal in person with a letter from the parent. As long as the situation isn’t too sensitive, it’s helpful if a student and a parent can attend together.

Put your appeal into writing and supply documentation to support your request. Be sure to base your appeal letter on fact, not emotion. In addition to a face-to-face meeting, many schools have committees that review the written appeals.

Some appeal answers can be immediate—others take longer. Ask the school what their turn-around time is. Many students decide which school to attend based on the award letter. If this is the case, ask the school for a quick response so you can make your decision. If your appeal is denied and your circumstances continue to get worse, submit your appeal again. Visit your school’s Web site or call the financial aid office to learn more about that school’s specific appeal process.

Knowledge for College is brought to you by Chase to help you better understand college financing. If you have any questions on your specific financial situation, consult your financial advisor or the financial aid office of your school.