Great Advice for Parents 2022

Schools are not required to consider special circumstances, but those that do have a process, called professional judgment. Through this process, you can petition for a reevaluation of the information on your FAFSA form. This process will likely require you to submit additional documentation to your school’s financial aid office. If warranted, the financial aid office can then recalculate your eligibility, possibly resulting in a change to your financial aid offer. REQUEST ADDITIONAL FEDERAL STUDENT LOANS If you’ve exhausted other options and still need additional funds to help you pay for school, contact your school’s financial aid office to find out if you’re eligible for additional federal student loads. Just remember to borrow only what you need to pay your educational expenses. 5 If you are a dependent student and still need more money, your parent can apply for a Federal Direct PLUS Loan. Most schools use our online application, but others may have their own application. The PLUS loan application process does include a credit check. If your parent is not approved, he or she may still be able to receive a Direct PLUS Loan by obtaining an endorser (cosigner) or documenting extenuating circumstances. If a parent borrower is unable to secure a PLUS loan, the student may be eligible for additional unsubsidized student loans of up to $5,000, depending upon his or her year in school. SCHOOL-BASED LOANS, ADVANCES, OR EMERGENCY AID Sometimes you may have college-related costs, such as housing costs or other living expenses, before your financial aid is disbursed. Your school may offer an option to advance your financial aid, offer a school-based loan program, or have an emergency aid procedure. 6 Several schools now offer emergency aid opportunities if you experience unexpected expenses or challenges that are making it difficult for you to complete the semester. Ask your financial aid office if they offer these options and always make sure you are aware of the terms and conditions (such as interest rates or repayment terms) of your agreement.

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