Financial Aid packages are not set in stone! You can “negotiate”, ie, ask for more. In these uncertain economic times, our incomes are not necessarily steady, so if your income for 2009 was less than 2008, request that the financial aid office take your revised income into consideration.
According to the WSJ the Department of Education has encouraged colleges and universities to make adjustments for families who have been hit by the recession. “Families who have experienced recent layoffs or salary cuts are good candidates for an adjustment because that qualifies as an individual circumstance, says Mark Kantrowitz, publisher of FinAid.org”. However, if you were one of the many (as in, everyone!) who lost money in their 529s, don’t think the colleges will take that into consideration…after all, that is everyone, and colleges don’t have endless means.
Please read the full article here.
