Many students require financial aid to pay for college. Loans, grants and scholarships can help you cover expenses. However, changes in your family's financial circumstances may result in the cancellation of your aid package. Still, you may be able to restore your financial aid.
If your financial aid package is cancelled, you may have not met all the requirements for aid or it may have been determined that you no longer need aid. For example, if your parents showed no income during your freshman year but a salary during your next year, your aid package might be cancelled. You also might lose your financial aid because you did not follow procedures or turn in all required documents.
If you are unable to make tuition payments, one of the first repercussions may be loss of classes. This can be devastating if a class you need is offered only once a year and you are forced to withdraw. It can take you longer to earn your degree. However, students often receive multiple notices prior to a class schedule being affected. Financial aid representatives also typically contact you to discuss alternatives for paying your tuition.
Professional judgment reviews may be requested at some schools. Financial aid administrators have the authority to make exceptions under special circumstances. You must prove that your family circumstances are unusual to qualify for reinstatement of aid. For example, if the head of household recently passed away or a family member is ill creating exorbitant medical bills. Prepare any documentation of your claims in advance. Once the financial aid department makes a judgment on your aid, it is final for the year.
If your financial aid is cancelled and you are unable to make tuition payments, you risk expulsion. Students with a cancelled aid packages must find alternative methods to finance their education. Private education loans through banks or credit unions are an option as well as scholarship programs. Numerous private foundations offer scholarships to students in need. If you have proven academic achievement and leadership skills, your chances of winning a scholarship are increased.
Lanae Carr has been an entertainment and lifestyle writer since 2002. She began as a staff writer for the entertainment section of the "Emory Wheel" and she writes for various magazines and e-newsletters related to marketing and entertainment. Carr graduated from Emory University with a bachelor's degree in film studies and English.