How to Keep Aid
It's a great feeling to know you've received your financial aid package for a full year. Once you've accepted your aid package, however, you need to know how to keep it.
Keys to Keeping Financial Aid
- Meet Deadlines. File forms and paperwork by the deadlines specified. Complete the Free Application for Federal Student Aid (FAFSA) each year. If your Financial Aid office requires additional paperwork, be sure to submit it by the deadlines.
- Educate Yourself. When you accept an aid package, read the fine print, and keep it in a safe place in case you need to look at it again. Anything from interest rates to renewal instructions could be important later.
- Keep in Touch. Financial aid packages can sometimes change throughout the academic year, even if you already signed a contract or award letter. The financial aid office will send you a letter or email to explain any changes they make.
- Talk to Experts. Call or email the financial aid office at your school if you have questions about your financial aid. The specialists on the other end of the line are ready to help with any number of questions.
- Income Change. The money you make now may influence the future financial aid you are offered. If you land a new job or lose a job, the change in income may alter the financial aid for which you're eligible in the future.
- GPA Change. Scholarships and grants sometimes require that you maintain a certain grade point average (GPA). If your GPA drops, it may affect some of your aid package.
- Enrollment Status Change. If your student status changes from part time to half time or below, be aware of the consequences, Your student status may affect the amount of aid you receive, or you may lose an award that requires enrollment in a specific number of hours. Conversely, you could be eligible for more financial aid if you take classes as a full-time student.
