The
COVID-19
pandemic
has
added
uncertainty
to
so
many
facets
of
life,
including
family
finances.
We sat down with Will McGinley, director of financial aid at BW, to walk us through a summer financial aid checkup for students and families through the lens of the pandemic.
McGinley, who says he has a passion for financial literacy, offered answers to four key questions about maximizing financial aid.
There are certainly more families dealing with the loss of income or a change in employment status, but even in the best of times, circumstances can change over a student's four years in college.
That's
why
I
highly
encourage
families
to
be
proactive
when
trying
to
understand
and
track
ALL
of
the
financial
aid
resources
available.
The
more
they
grasp
that
information,
the
better
they
can
handle
the
inevitable
changes
that
may
occur
as
their
eligibility
evolves.
In addition to the regular types of financial aid, like federal, state, and institutional grants and scholarships, there are other forms of assistance that can benefit students and their families.
Federal CARES Act funding is an example of new support for college students that was added during the pandemic, along with special unemployment insurance benefits that don't normally include students.
Don't forget about the tax benefits that can be achieved through investing in a state's 529 plan.
We give our BW families four vital pieces of advice:
If your family has experienced a financial hardship due to the pandemic (or other reason) since completing your FAFSA or your hardship is not accurately reflected on your FAFSA, you can apply for a "special circumstance review" on the BW website.
The form is pretty straight forward, but the U.S. Department of Education does require some additional documentation to validate the circumstances of the appeal. Once that is provided, we can check to see if the newly-modified FAFSA opens the door to additional aid eligibility.
Yes! Students and families should continue to explore outside scholarships even after the first year. Do your research; there are all types of scholarships available with new opportunities being added every year. Your eligibility will change over time, too.
BW's Financial Aid Office maintains a page that lists various scholarship search engines and some area scholarships, but don't stop there! This is one thing I wish I would have focused on more when I was going to school and is something I will encourage my kids to pursue continuously throughout their college careers.
Many students leave scholarship money on the table because they never apply, and even small awards can add up. Invest some of your quarantine time this summer discovering and applying for new awards.
McGinley says students and families can maximize support by proactively updating and accessing the latest resources available while avoiding the "set it and forget it" approach to college financial aid.
BW Financial Aid offers an extensive list of frequently asked questions at bw.edu/financial-aid/faq/ or they can be reached by email at finaid@bw.edu or phone at (440) 826-2108.