What to do when I am not eligible for financial aid ? EFC too high??!?

Question

So last year when I did my FASFA for this year 2008-2009 I had made about $19k - I am considered independant. The beginning of this year I lost my job and haven't found one yet since I have applied and been accepted to a university that I planned on going full-time this fall 08 (I will be paying out of state tution ). Anyway I didnt qualify for a pell grant because my EFC is too high, now that I have been not working is there anyway to appeal or change my status so I can afford to go to school without going into debt with so many loans??

Answer 1

Did you receive your SAR? When you received it you should have been able to make changes to it at that point. Secondly, you should always keep in touch with your financial adviser of the college and let them know whenever there is something going on with your income change. You may not be able to make changes but they can do something on their end in most cases. Remember, Pell Grants are not the only thing out there you have the option of using when it comes to going to school. There are unsubsidized and subsidized loans that can be taken advantage of. Stafford loans are there for a reason and nothing needs to be paid back until you graduate. Something you also need to remember is you can consolidate your loans and have a lower payment. Contact your financial person and speak to them ASAP before it's too late is my best suggestion.

Answer 2

Finding the right balance is really tough to do.  If you work more, you are eligible for less grant wise.  If you work less you may be eligible for more, but may need to borrow more in loans for living expenses.  Sometimes it is a big catch-22.  To be honest I would find a way to get through school in the shortest amount of time.  It can be hard to finish when going part-time for a longer period of time.  You could possibly double the time it takes to normally get a degree.  No one wants to be in school that long - believe me.  lol

As for your job situation, talk to your financial aid office.  Some schools will allow you to have your income and EFC recalculated after losing a job.  They will be able to tell you how they accept appeals for those situations.

Answer 3

The first thing you need to do is call the office of financial aid and inform them of your changed circumstances. They'll readjust your annual income and re-evaluate your EFC and financial need.

Secondly, summer is coming up and it's the opportune time for you to be making some major bucks by working some major hours without the underlying commitment to schoolwork.

I know that where I live, in Washington, there are dozens of fruit packing warehouses across the valley. Summer means cherry season, which means the busiest time of the year, which ultimately translates into 10-12 hr/day weeks (5-6 days a week). It's a lot of tedious, boring work, but also A LOT of money. The season ends around mid-August. Just in time for universities to start up for the fall.

Begin to look for a job. The fruit industry tends to hire a lot of temporary work in the summer time. Think of places that need a surplus of workers during [only] the summer, like hotels and tourist attractions.

I hope this helps! Best of luck.