COVID is causing even the most financially stable families to take a hard second (or third, or fourth) look at the price of college. Though we’re past May 1, many colleges have extended commitment deadlines and are working with families to make college more affordable. Listen in as former Tufts and Boston University financial aid officer Shannon Vasconcelos offers guidance for families seeking to negotiate merit scholarships with their prospective schools.

by Robyn Stewart, former financial aid officer at College of the Holy Cross

The Sibling Factor: How EFC and Financial Aid Packages Can Change

When I worked in a Financial Aid Office, there was something that I could count on without fail every year. Whenever a student’s sibling graduated from college, I would inevitably get THE CALL from parents wondering “where has our financial aid gone?”

Behold the Sibling Factor: the effect on financial aid awards when siblings enter or leave undergraduate study. Parents might be delighted at the effect of a second child entering college (packages may increase). They get panicked, however, when a sibling leaves undergraduate study, and aid amounts for remaining undergraduate children decrease. (The other most common reason for changes to financial aid eligibility is a significant change in family income.)

If you’re the parent of a high school senior, you’ve likely completed the FAFSA by now. And if your child applied to any private colleges, you may have also completed a CSS/Profile.  So congratulations!  The most difficult part of the financial aid application process is over.  You can now sit back, relax, and let the money roll in, right?

Wrong! Did you know you can ask for more financial aid?

by Shannon Vasconcelos, former financial aid officer at Tufts University

With college application season just wrapping up, many families’ thoughts are turning to financial aid. College Coach’s finance experts are flooded this time of year with some variation of the question, “Do I need to complete a FASFA if I’m not going to qualify for financial aid?” The short answer to that question is “no.” The FAFSA is a financial aid application, and no student is required to apply for financial aid. Believe me, colleges will be more than happy to admit your child without providing you any financial assistance. Still, there are many reasons why you may want to complete an aid application even if you don’t expect to qualify for need-based assistance:

Applying for financial aid when parents are divorced, unmarried, or remarried can get complicated. In this installment of the College Coach video series, We Can Explain, former financial aid officer Shannon Vasconcelos provides a basic understanding of how income and assets are considered in the FAFSA and CSS Profile.

Many high school seniors wait until they’ve been accepted to a college to worry about how to pay for it. Unfortunately, however, by the time you receive a college acceptance, you have likely already missed the school’s financial aid application deadline, and may have missed out on thousands of dollars of assistance. When, then, should you be applying for financial aid? Find out on the Edmit blog, where former Boston University and Tufts University financial aid officer, Shannon Vasconcelos answers the most common questions about timing that financial aid application.

Many students decide to pursue an MBA on a part-time basis. It can be more affordable, particularly when considering the alternative opportunity cost of giving up your income for two years to attend business school full time. Still, paying for an MBA is rarely easy, even when maintaining a full-time income. Many students are in the market for financial aid and aren’t sure how to begin.  If this sounds like you, check out the latest contribution by College Coach finance expert and former Babson College financial aid officer, Michelle Clifton, to the Fortuna Admissions blog.

by Robyn Stewart, former financial aid officer at College of the Holy Cross

How Many Years Can I Receive Financial Aid for College?

It takes 4 years for a student to complete a typical undergraduate degree, right? Not necessarily. Today, students are taking longer to graduate for a variety of reasons, from a decline in personal and institutional resources to indecision about choice of major at the time of enrollment. If you’re currently weighing options for a fifth year (or more) of college, we’ve provided a few things to consider as you manage your college payment plan.

150 Percent Rule for Subsidized Direct Student Loans: A new federal regulation may impact students who receive Federal Subsidized Direct Loans. These programs are now available for only 150 percent of the semesters that the college publishes as the typical time it takes students to complete their degree or certificate. This “150 percent rule” means students in a four-year degree program will be eligible for subsidized student loans for the equivalent of six years.  Eligible fifth and sixth year students should be able to benefit from this loan program as long as they meet the college’s definition of Satisfactory Academic Progress (SAP) and are on track to graduate within this time frame.

If you ask about costs while visiting a college campus, you will likely be told something to the effect of, “Don’t worry about it—you can get financial aid!” And while that statement holds true for many students, not everyone is eligible for financial aid. How can you determine whether your family will qualify for financial aid? Check out the latest installment of our video series, We Can Explain.

Have your financial aid packages left you overwhelmed by the cost of college? Maybe you have heard about appealing the financial aid offered, but aren’t sure if you should go for it. And if you do decide to ask for more money, where do you start? We have the answers to all your burning questions!