I’m currently a freshman and I just received my financial aid statement. I’m receiving about 5 grand less than last year which doesn’t make sense because nothing has changed financially in my household. Is there a way I can appeal to this or file a concern to receive more money?
You need to find out why? Is it possible that your school expects a larger student contribution for the upcoming year?
Are you saying that your family had no increase in income?
Depending on the chocolate there is tuition increases along with increases in student contributions. In addition you can borrow more $ as a sophomore.
Does your school meet 100% demonstrated need?
Do you have merit $ in a set amount of money?
Was any of your aid a one time merit scholarship? was any of it an outside award?
What was in your aid pkg last year?
What is in your aid pkg this year?
Sometimes if the oarent income goes up even a small amount…it takes a student into a different threshold for awarding aid.
Or, it could be that the school has changed their proprietary formula for determining need.
I heard about it in NPR a few years ago that some schools practice bait and switch in financial aid that they offered more grant money only to the freshmen year.
The amount of assets and income that can be excluded is going down, is that for this coming year or next year? That might account for it if it is this year.
Parent asset protection amount went down from last year to this year, the 2016-17 FAFSA
but $20,000 difference in parent assets that are counted should not cause a $5000 difference in EFC
Freshman year scholarships are often automatic. They automatically make you eligible for all scholarships available to freshman. They can include renewable and non renewable scholarships. You may have been offered some 1 year scholarships which are used to meet need for freshman year. Universities can offer scholarships that can replace those one year scholarships, however, they need to be applied for each year and could be contingent on your grades freshman year. I am just speculating but this may be what has happened here. It may be too late to apply for scholarships for next year but I would set up an appointment with the financial aid dept. to discuss it. If my scenario is the case you know for next year.
I would find out why you are receiving less aid. Did the aid policies change or your EFC?
Did you have an older sibling in college last year, but they are graduating now?
Grants might go down to take into account the additional $1000 of direct loan availability for sophomore year. That doesn’t account for the full $5000 amount, though.