Financial Aid and a Loss of Income

Families and colleges are both feeling the financial pinch of the economic downturn. So what happens if a family finds itself with a significant loss of income? Can they have their financial aid recalculated? Given that colleges are hurting financially, will more financial aid actually be available?

The media has really hyped up the grim financial situation for families trying to pay for college, but the picture may not be all bad. A family can indeed ask to have their financial aid reassessed, and colleges are doing all they can to direct more resources to financial aid. In a new article, Seth Allen, Dean of Admission and Financial Aid at Grinnell College, discusses when and how a family should go about seeking more financial aid.

More on Paying for College

• Can You Afford College?
• Scholarship Tips
• The Best Value: Public or Private?
• What is the FAFSA?