Boost your financial aid budget

Delenie

As the new school year rolls around, students are finalizing their financial aid packages for Fall 2009. Some students may have additional expenses not calculated into the Cost of Attendance (COA) that they're worried about paying. The COA is an estimate of the total cost of students' tuition, fees and living expenses on which the school bases financial aid awards. Many students are unaware that, at some schools, additional expenses during the academic year that exceed their financial aid package may qualify them to file a budget appeal  to increase their standard budget. Such expenses include:

• Books
• A computer purchase
• Uninsured medical, dental, or optical procedures
• Rent and utilities
• Transportation costs (car payments, insurance, repairs)
• Child care

If the recalculated COA is higher , students can increase the total amount they are able to borrow. A budget appeal may also allow students to qualify for additional work-study or more federal student loans prior to having to take out any private student loans.

Three years ago, I went through this pretty straightforward process by speaking with my financial aid advisor and getting it approved through the financial aid office. This allowed me to expand my standard budget by an additional $2,500 and purchase a computer of my choice.

This is highly beneficial to students who need to borrow because students may qualify for additional lower-cost options before turning to private student loans to cover additional costs.

Meanwhile, more fortunate students who have secured scholarships from high school may be facing an entirely different situation. Since students with financial need often receive financial aid packages full of grants from the university along with Federal Pell Grants , additional scholarships could jeopardize this nice package and supplement grants from their university. However, filing a budget appeal for qualifying expenses can help you reclaim some of your scholarship money and increase your Cost of Attendance. Since budget appeals are only offered in some schools in varying amounts, you should speak to your financial aid advisor as soon as possible.

Although you may file a budget appeal every year, there are limitations to how often you can purchase a computer. At UC Berkeley, computer purchases can happen every three years. Since three years have passed, I am able to repeat this process now as a senior. This time, I plan on purchasing the latest MacBook Pro , which comes with a free iPod Touch! Since the maximum amount that I can increase my standard budget by is $2,500, I can utilize the remaining amount to pay for medical and dental bills.

If you need to cover additional costs, check to see if budget appeals are offered at your school! For those who have gone through a similar process, what was it like?