My Basket

0 item(s) - $0

The Full Package?

Posted on August 10th, 2015  Posted by Jennie Nwokoye
1 Comment
Let’s take a trip down memory lane for a moment.

Remember when you received your acceptance letter in the mail from your dream university or college along with your financial aid award letter? Remember how relieved you felt when you saw the amount of money you were going to receive as a freshman? I know I was completely relieved, especially since I knew that my parents couldn’t afford to pay for my college education. I was delighted to see that my school was going to be covered by the plethora of grants for which I was eligible.

I completed my freshman year not having to take out a single loan. However, as my sophomore year began, I received my financial aid award letter and noticed that some of my grants were suddenly gone. By the time I reached my senior year, I was only receiving the Federal Pell Grant and the U.S. Department of Education Grant. Fortunately for me, I had other scholarships to help offset the loss of my grants. But I thought about other students who may not have had enough scholarship or grant assistance to pay for their education when the ground shifted under their feet.

Why did my grant money decrease after my freshman year, you might ask? Universities commonly entice incoming freshman with a robust financial aid packages to attract them to their institution, but withdraw the full extent of that first-year aid in subsequent years. It’s a classic bait-and-switch. This enrollment tactic ties students to the institution because of the difficulties associated with transferring to another school. Many times credits do not transfer to other schools and students need to re-take similar coursework at additional cost, which is the main barrier. But most importantly, this questionable tactic leaves students with less overall support and a greater potential to accumulate large debt loads.

College prospects should keep this in mind when they receive those generous aid packages. Make sure to get in touch with the financial aid office and find out how reliable their assistance will be in the long-term. It’s a phone call that could save you thousands.

Comments (1)

  1. I really wish someone would of informed me more of how this process works. As an incoming freshman I was offered the same thing but the next year I had to take out loans to make up for the amount that was decreased and then I was offered a huge refund to help pay for living expenses while in school, which I took. This was 9 years ago and here I sit almost $60k in student loan debt trying to figure out how to pay it down as it is hurting my credit due to my debt to income ratio being so high. As a single parent I am in no way able to make the minimum payments for a loan of this extent so I am looking into every avenue possible to try and get my student debt lowered because with income based repayments I will be paying on them for the rest of my life. I am so thankful for the sponsors on this website because they have no idea what it means to people like me to know that there is someone out there willing to help with this.

Leave a Reply

Your email address will not be published. Required fields are marked *

© 2015 SponsorChange, LLC. All Rights Reserved.