![]() ![]() While parents' income and savings cover about 43% of college costs, according to Sallie Mae's 2022 How America Pays for College report, 11% is covered by the student's income and savings. "If you're in an expensive place to live, you may need to explain your cost of living as part of the appeal." "The FAFSA doesn't pay attention to that at all," he added. "So if you live in Manhattan with a $300,000 income, that's different from if you're from Davenport, Iowa, with a $300,000 income. "The FAFSA also doesn't take into account the cost of living," Salisbury said. If you've experienced a job loss, a disability, a divorce or another change in your financial situation, send an appeal letter to the college's financial aid office. If you're concerned about making ends meet based on the financial aid award letter your child has already received, you can still ask for more aid. If your circumstances are now different, that should be brought to the financial aid office's attention, he said. "That information that's being used to evaluate and make a judgment of your situation is a snapshot, and that snapshot is old," said Mark Salisbury, founder of TuitionFit, an online platform that helps students and families with determining college affordability. More from Personal Finance: How to avoid taking on too much college student debt Paused student loan payments expected to restart soon Experts say Supreme Court will doom Biden loan forgiveness Aid for the 2023-24 academic year is based on 2021 income. Personal Loans for 670 Credit Score or Lowerįinancial aid is determined by income information that is not necessarily up to date. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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