Finaid Matters

A Humor Blog for Financial Aid Professionals in Higher Education Helping college students find ways to finance their degrees responsibly. Your late FAFSA is [not] our #1 priority. Twitter: @finaidmatters & #finaidmatters

[finaidmatters-blog]

You're about to go on lunch...

but a swarm of students walk in.

Sorry for the unannounced hiatus. Posts will come more regularly once the semester settles in.

[finaidmatters-blog]

Getting to Leave Early for the Holiday

Happy holidays!!! We're out!

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When an Auditor Introduces Themselves to You

Because you know they are going to find you out of compliance on a regulation you didn't even know existed before they poked around.

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Working on Loan Certifications during Your Holiday Party

This is how you and the students feel about those pesky loans.

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A Student Google Chats You at Midnight

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A Student has a "Couple Questions" about their Financial Aid

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Your Boss Assigns You to Work on 12/26

When the rest of campus, for the most part, has off.

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When a Private Lender Denies a Cosigner

[baateleurs]

It’s that time again, where I remember that school I attend is really going to boil down to the cost, and they’re all expensive.

I recently got a letter for a pretty decent-sized scholarship from one of the colleges I applied to. I decided to add it into my overall costs, and I’m still paying a pretty hefty amount after graduation. I wasn’t going to hold my breathe with them because I actually thought they were the most expensive of the schools I was applying at, but it turns out I was wrong.

Unless I get some kind of better scholarship somewhere else (or I if NIU turns out to be cheaper than I expected), it looks like I’ll be going there. I’m not that upset though; the school itself seems pretty good and I’d be paying less there than I would have at UIC.

[finaidmatters-blog]

Congratulations on getting accepted, and kudos to you for checking out the cost as well.

It doesn't hurt to see if the schools you're applying to would consider you for more financial aid --- ask them about their appeals process on the basis of merit (because you're awesome) or need (because you need more money).

The worst they can do is say no.

Continue to apply to outside scholarships, too. Also, and this is just an idea to take with a grain of salt...have you considered attending a local school and commuting, or going to community college for the first couple of years? It depends on your major and intentions of course, but that road could save you lots of money in the long run.

[iwillbegratefulforeachday]

This is my life.

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Working from Home on Saturdays

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#WhatTheFriday A Student Submits a SAP Appeal

A student isn't meeting SAP (minimum 2.0 GPA and completing at least 2/3 of all attempted credits). This is their reaction when we tell them their federal aid eligibility is under review:

Our instructions for completing their SAP appeal:

Their reaction if an appeal is approved:

Their reaction if an appeal is denied (for example: a student partied way too hard last semester and never attended class.):

Our reaction if they fall short of their requirements at the end of the semester:

Our reaction if they meet/exceed their academic advisor's expectations:

[doomboogie]

personal money stuff

Read More

[finaidmatters-blog]

Is this a balance you owe from a previous semester?

[28tuesdays]

Hello, Can of Worms...aka Off-Campus Housing

Does anyone have any experience with using a loan to pay for rent?

I’m going to be getting financial aid when I pick a college, but they usually give me exactly what I need, or less. I also don’t request how much I need (ie, if I need $28k, I can’t request $35k and use the extra for rent) because that’s never an option.

Do I just get a personal loan for my rent for the year, or find a private student loan through a bank…? Any answers are greatly appreciated.

[finaidmatters-blog]

Avoid the personal loan! Try to find other ways to off-set your off-campus housing costs, like part-time employment, selling things off on eBay, out of pocket payments, etc.

You think student loans are predatory? Avoid personal loans like the plague, unless you can find a good deal with a credit union (possibly). 

Ask your financial aid office for assistance---make sure you considered alternatives, like your Stafford loans first. Have a strong cosigner with a private loan if you need to go that route. Ask them how the refund process works and whether you can submit any documents, like your lease, to prove you have greater living expenses than they currently have in your Cost of Attendance budget.

Use the phrase 'Cost of Attendance budget' and you may make some finaid admins pretty happy.

Also, set up a budget for yourself. Responsible spending goes hand-in-hand with responsible borrowing.

[somemarveloustune]

Scholarship Search

I think I should start looking for scholarships….

[finaidmatters-blog]

Yes!!! Awesome idea! We adore you so much right now! Get going! First stop? Fastweb.com!

[kickinit-complex-blog]

R2T4 strikes again

i just have to pay more and more money back to the school every time i turn around. i’ve already paid my entire loan back as well as the owed grant money from withdrawing. now it is telling me i owe another thousand something dollars just to get rid of the hold on my account so that i can even go BACK to school. i’m so fucking frustrated right now. and i’m really hungry. and angry. i’m hangry. and lonely. someone love me.

[finaidmatters-blog]

You, my friend, seem to owe money because of a little thing called Return to Title IV aid. Based on your withdrawal date, your school is mandated by the federal government to return a certain portion of your federal aid back.

There's a calculator and everything. It's loads of fun for us too. Not.

We always feel bad when a withdrawing student loses aid that way. We heart you and hope things work out for you soon so you can get back to your education. 

[traaaay-c-deactivated20180626]

financial aid refund from prop 30 = $1.89

i’m a whole dollar richer. 

[finaidmatters-blog]

Don't forget the $0.89!!!