Parents

 

What if Your Family's Household Income Changes?

While changes in household income and status can put a strain on families trying to pay college bills, the Financial Aid Office works with students and families to find solutions to funding a college education.

According to George Rolleston, BW director of Financial Aid, families shouldn't feel as if they have to shoulder this burden on their own.  Even if the school year has started, there are options for families needing assistance.

Rolleston went on to say that during uncertain economic times there might be job and/or income-related losses that might impact household income.  Other circumstances might involve having an additional family member reside at the home or health issues that might impact a family's financial dynamics. 

"Most private colleges like BW have options that public universities don't have," Rolleston explained.  "Our financial aid program goes beyond federal and state assistance to include endowments, so we have additional resources that we can look to for generating additional funding for students in need.  That is a definite advantage for students who attend Baldwin Wallace."

Rolleston encourages families to contact the Financial Aid Office as soon as possible if there is a change in household income or status rather than neglecting college bills.  The Financial Aid Office can work with students and their families to review additional loan eligibility, work-study opportunity, need-based grant assistance and donor-sponsored scholarships.

"Our goal," said Rolleston, "is to help families find alternatives and solutions so that their students can continue to pursue their college education at BW."  

The Financial Aid Office goes beyond just helping persons in serious need.  Rolleston has found that sometimes families find they are having a hard time meeting the out-of-pocket costs.  In such cases, the solution might be finding a low-interest bank loan or alternative loan option. 

"I have found that more and more families today are having difficulty meeting the out-of-pocket costs associated with college," noted Rolleston.  "Families are especially hit hard after a second or even third child is in college at the same time as the first.

"Most students are familiar with the Financial Aid Office when they are comparing colleges as high school seniors," he said.  "But sometimes they forget about us later.  We want to remind families that we are here to help them find ways to fund a BW education throughout their time here."

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