Student Loans: What To Do If Your College Grant or Scholarship Falls Through
Written by
Chris Adam
Edited by
Daria Uhlig
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Many students in the United States can’t afford to pay the full cost of attending college — $38,270 per year, on average, including books, supplies and daily living expenses, according to the Education Data Initiative.
Loans, scholarships and grants help make college more affordable for students and their families. But what do you do if that grant or scholarship falls through?
Here’s a look at some steps to take.
First, contact your school’s financial aid office. This is a good place to start since there are likely advisors available to help you figure out what to do.
“They may be able to recommend additional scholarships you can investigate or suggest you file an aid appeal to get more federal aid toward your education,” Chase Bank noted.
If the school withdrew the offer in response to an error on your part, an apology might help you get it reinstated.
But what if you meet with an advisor from the financial aid office and it looks like you’re not going to be able to get the funds back or make up for that funding shortfall?
A next step may be to apply for loan assistance. The two main types of student loans are federal and private. Generally, you should try to get federal loans first. That usually means completing the Free Application for Federal Student Aid (FAFSA) form.
Again, the financial aid office may be your best bet. Not only can someone there help you figure out your options and what forms you need to complete, but they also might have information on resources you’ve not considered.
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