Reason No. 5: You lost your scholarship6 of 7Some schools offer hefty financial aid packages to lure freshmen in, but don't renew the awards in subsequent years. Students can also lose merit award money by not maintaining a required GPA, moving from full- to part-time attendance or dropping a required club or major."If their financial aid package changes after their freshman year, they should meet with a financial aid officer right away to see if there is any negotiating room, particularly if the student can demonstrate a change in family finances," says Mary Johnson, financial literacy and consumer advocacy manager for Higher One, a financial aid disbursement service headquartered in New Haven, Conn.Students can also apply for outside grants by checking out what's offered in their community and through scholarship search engines such as Fastweb.com and MeritAid.com. Related Articles:10 best colleges for the moneyCollege timeline for seniors10 ways to land college aid11 associate degree jobsRelated Links:Too much college debt?Three-year college degreeCollege aid for middle classWhat's not in an award letter advertisement
Some schools offer hefty financial aid packages to lure freshmen in, but don't renew the awards in subsequent years. Students can also lose merit award money by not maintaining a required GPA, moving from full- to part-time attendance or dropping a required club or major.
"If their financial aid package changes after their freshman year, they should meet with a financial aid officer right away to see if there is any negotiating room, particularly if the student can demonstrate a change in family finances," says Mary Johnson, financial literacy and consumer advocacy manager for Higher One, a financial aid disbursement service headquartered in New Haven, Conn.
Students can also apply for outside grants by checking out what's offered in their community and through scholarship search engines such as Fastweb.com and MeritAid.com.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.