"10 ways for college students to land more financial aid"

When most high school students start looking at colleges, they think about what the college offers in terms of academics and extracurriculars. But when the financial aid packages from schools come in the mail this spring, the final decision will likely be made with dollars and cents in mind. A good financial aid package is as important as the major, course of study and geographic location". "It comes at the end of the search, and it's absolutely a top concern."

1. Make colleges compete.

If you're a fantastic student and have plenty of offers, you may have a better shot of getting an improved financial aid package at your top school. In a letter, explain why you consider this school to be your first choice, and that you'd come "if the school could make it financially feasible for you and including the competing institution's financial aid offer.

2. Ask for a reassessment.

FAFSA, the Free Application for Federal Student Aid, is the document that determines a student's eligibility for federal financial aid, and in many cases, the additional awards offered by schools themselves. Financial aid for students is calculated from "base year" data. For example, for the 2009-2010 academic year, the base year is the 2008 calendar year.
Financial aid is calculated with the assumption that the income and assets will remain stable, but in this economy, that's often not the case. If your family's financial circumstances have changed, it's wise to ask for a reassessment.
"If somebody lost a job, or if your assets are worth 75 percent what they were worth before, (financial aid officers) need to know that," . "These are things that a school can take into consideration."
Other changes that may have an effect on financial aid include the death of a parent, divorce and high medical expenses.

3. Explain money issues outside of FAFSA.

FAFSA puts students and parents under the financial aid microscope to determine how much they can truly pay for college. Still, the endless forms don't capture every detail or always represent the true picture of a family's finances.

4. Ask about new scholarships and grants.

Depending on your background and academic interests, you may find that you qualify for new scholarships. The two best times to look for scholarships are as an entering freshman and after you declare your major. "I'd ask, 'Are there any new scholarships this year or in coming years?'"
If you fill a specific niche for which the school has received aid; female engineering majors, for example you may qualify for additional assistance.

5. Be polite and don't "negotiate."

Parents and students who see financial aid officers as adversaries instead of partners are often missing the point and could end up missing out on aid. Financial aid officers go into this business because they're interested in helping young people realize their educational dreams, but they're making decisions with limited information. Their job is to help meet the financial needs of students not help them get a bargain. With tighter budgets, increased financial need and rules set by Congress for awarding financial aid, financial aid offices are feeling the pinch. Showcase your real financial need, not your haggling skills, if you want to get extra financial assistance.

6. Read the fine print on the stimulus package.

The stimulus package recently signed into law includes some significant perks for college students. Pell Grants will be bumped from a maximum of $4,731 to $5,350, starting July 1, and to $5,500 for the 2010-2011 academic year. The package also boosts the tuition tax credit from a maximum of $1,800 to $2,500. It's also partially refundable, meaning that those who don't earn enough to pay taxes can still receive help.

7. Get the best kind of aid.

As you look at your financial aid package, be sure you understand the difference between the types of aid. It is a simple but occasionally overlooked point that grants and scholarships don't have to be paid back, while loans do.

8. Don't be afraid to ask.

Though tuition is rising and financial aid budgets often haven't kept up, that doesn't mean your case isn't worth a phone call or a letter. You have nothing to lose but 10 minutes for a phone call or an hour for a letter. Even if you don't win the scholarship money, you'll gain self-advocacy skills that will take you a long way on campus. You'll have vested interest in your education. if you're lucky, that phone call could bring you thousands of dollars more for your education.

9. On-campus jobs are an option.

Even if you don't qualify for a work-study package, inquire about on-campus jobs. Schools often offer a range of opportunities for students, whether it's scraping dishes at the dining hall or organizing lab equipment. Many savvy students are able to get work in a department related to their field of study, which may help them in their schoolwork and future career.

10. Get forms in on time.

In the world of financial aid, time really is money. If you meet deadlines, you're far more likely to get aid. With schools' limited resources and even greater demand on that funding, it's even more important for students to get their FAFSA forms in as early as possible. The federal deadline for FAFSA forms is June 30, but many schools require the paperwork well before that time. As an incoming freshman, when applying for aid from several schools, find out the school with the earliest deadline and use that date for all of them.