Partial Transcript more after the jump…
Its time for another tip on Scholarships and Financial Aid in about two minutes, by JR The College Money Man
This is episode 22, and today we are answering the question, How to File an Expected Family Contribution Redetermination Appeal For ?
In this economy people will lose their jobs, work slowdowns will happen, and people will change careers due to outsourcing. This fact can severely disrupt a students education if parents offered help either in the form of loans or direct payments. But don’t worry, because there is help, as the financial aid office can redetermine a students EFC if a financially challenging event occurs. Specifically, the financial aid office can re-determine your student Expected Family Contribution, or EFC, which can make you eligible for MORE financial aid. To take part in this appeal, do the following:
1) Contact your financial aid office and ask to speak to the EFC Appeals person. Tell them the situation and your change in circumstances ask them about the appeals process. Download any forms they ask you to download from their website, and follow all of their instructions to the letter.
2) Gather your evidence: get together federal WARN Act letters, unemployment approval letters, recent bank statements, and check stubs. Have them well-organized and copied for submission. In include a brief statement of no more than a page describing what happened that financially affected you this year, how it lowered your income, and by about how much it effected your income.
3) Submit your paperwork, and be proactive. After you get your appeal in, stay in contact with the advisor, and keep an eye out for letters or emails from the financial aid office. If they ask for more evidence, never argue, just give it quickly. the sooner you get them what they need, the faster you can get your issue resolved.
While you can’t help what has happened in the job market, you can keep it from effecting you or your student’s ability to finish school. How you approach an EFC appeal can make the difference between receiving funding the next school year, or having to drop out.
Have a problem with financial aid or scholarships? go ahead and send JR a tweet @ CollegeCashMan. Thanks for listening to JR’s Two Minute Financial Aid Tips at http://www.collegemoneyman.com
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