Many people are shocked to find out that financial aid isn’t final yet! Yes, it can still change even after school acceptance. This happens for a variety of reasons, but it can be confusing and disheartening, especially if you weren’t aware this could happen. Here’s a look at some of the reasons why financial aid might change and what to do if it happens to you.
Financial aid offices are managing thousands of student files at once, and many colleges continue finalizing awards long after students commit. Sometimes schools are simply finishing their review process. Other times, additional information is needed before aid can officially be finalized. It’s also important to remember that financial aid is based on estimated costs. Therefore, changes in financial circumstances can lead to adjustments, either by the school or through an appeal by you.
Why Financial Aid Can Still Change
It is still possible to receive verification requests for financial aid, whether due to missing or incomplete documents, corrections to FAFSA or CSS Profile information, new tax or income information, or even scholarship adjustments or other scholarships being awarded. All of these can result in financial aid changes, which are sometimes very small, and sometimes have a bigger impact. Other times, it might simply be clarification they are seeking before finalizing your account. While it can feel stressful to see updates happening this late in the process, it does not automatically mean something is wrong.
Sometimes these updates or verification requests are the result of bigger items directly affecting aid. For instance, if a student receives external funding, a school will adjust their aid package as that particular student would no longer need as much funding. In other cases, a student may change their enrollment status. If a student decides to attend school part-time instead of full-time, that would change the amount of tuition and expenses needed and as a result, aid eligibility. Additionally, some scholarships and grants have specific requirements, such as a certain GPA. Failing to meet the scholarship requirements will result in that funding being reduced or cancelled.
What Families Should Do Right Now
Even though the college decision may already be made, students should still check their email and student portal. If something does change or needs verified, you will likely see it come through your portal first. Continue to check portals and emails regularly throughout the spring and summer. Once a week is ideal.
It is also important to note that you might need to officially accept, or decline, your financial aid, whether grants, loans, or work-study offers. You can typically do this in your student portal. Failure to complete this step might cause aid to not be applied correctly.
If you do see a request for more information or a change come through, it is important not to panic! Respond promptly to anything the financial aid office requests. Delays can slow down timelines and disbursements. The faster documents are submitted and questions are answered, the smoother the process tends to be.
Seeing a revised award letter or receiving another request for information can immediately make families nervous. However, updates are often part of the normal review process. In most cases, colleges are simply ensuring they have accurate information before finalizing everything for the school year.
Lastly, and most importantly, if you receive something you don’t understand, ask questions! Your financial aid office will help you if you unsure of what something means or what is needed.
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.