August 14, 2008
Editor – “Students seek aid in record numbers” Aug. 11 highlights an important trend, but could leave readers confused about the availability of federal financial aid.
While there are caps on how much you can receive in federal grants and loans each year, there are no limits on how many students can qualify for these important funding sources.
And if students’ financial circumstances take a turn for the worse, they should always let their college financial aid office know.
In certain circumstances, such as a parent’s job loss, the college can adjust the student’s aid eligibility. Even if they don’t qualify for more grant aid, federal loans can help both students and parents bridge unexpected financial gaps more safely and affordably than credit cards, home equity, retirement funds or private student loans.
Debbie Frankle Cochrane
The Institute for College Access & Success