According to a report from Nerd Scholar, only 47% of high school students fill out the FAFSA, meaning students are missing out on an estimated $2.9 billion of free money in the form of Pell grants. Many families fail to fill out the FAFSA because they assume they won’t receive any financial aid, or the only aid they can receive will be loans. However, they may be surprised at what is available. Families should also know that they have to reapply for aid every year, and a change in circumstance can mean your aid is negotiable.
Suppose your family has recently had a job loss, or has had to use some money in savings to pay medical expenses. Your finances should be reevaluated to determine what your new Expected Family Contribution (EFC) will be. You can also send a letter to Financial Aid Administrators at each college you are interested in to speed up this process of reevaluating your EFC.
Details on how to reevaluate your EFC and negotiate your financial aid offer are included in the free eBook “Avoid Wasting Money on College Tuition”.