Reviewing Your Financial Aid Package

Patrick Hennessey | I am an alumnus of the University of Rochester, and I've worked in the Financial Aid Office as both a student worker and now a financial aid counselor. While at the University I was an English major, history minor, and also was involved with Greek Life. When I'm not slaving away over a hot keyboard, I'm usually at home writing, reading historical fiction and non-fiction, and playing my guitar.

June 20, 2014

Alrighty, folks! It’s that time of year again! You’ve been relaxing at home for a few weeks since the semester ended, and we’ve been hard at work on your financial aid packages. We’ll be emailing them out shortly, and we are happy to answer any questions you may have.

Typically, if your family’s financial situation is about the same from year to year, your financial aid package should be relatively comparable. However, there are a few reasons your financial aid package might change. Let me take you through the top three reasons your financial aid might change from one year to the next:

A change in the number in college. Did your older sister or brother recently graduate from college? Congratulations! That’s a big achievement. But, it also affects your financial aid. Once your sibling graduates from college, that’s one fewer tuition bill your parents will be paying each academic year. Because your parents won’t be paying tuition for that student anymore, the expected family contribution will likely increase.

(Source: wibidata.com)

You’re living off campus. Great! How fun! Living off campus is an excellent way to save some money (as long as you’re budgeting!). However, this too has an effect on your financial aid. When we construct a financial aid package, we take into consideration your cost of attendance. If you’re living off campus, your cost of attendance will be lower, generally, than living on campus. You won’t be billed by the school for on-campus housing; instead, you’ll be paying rent somewhere in Rochester, which is often cheaper. We update your budget accordingly. As a result, your family may have less determined financial need, which means a decrease in overall aid.
A change in income. Did your parents receive a raise or a bonus this year? If their income is up from one year to the next, we do have to take that into account when determining your financial aid package. A little more money coming into the household means a little more can be set aside to pay for school.

While your financial aid package may change from year to year, we are always here to help! Keep in mind that these aren’t the only things that may cause a change in your package—they’re just the most common ones. None of those apply to you? Questions or concerns? Please don’t hesitate to contact us! We’ll be happy to assist.