Page 36 - University of Oregon Parent and Family Guide

PLANNING AHEAD
Next year’s expenses
By Suzanne Shaffer
When your student begins college, you have a rough idea of what a year of higher education will cost. You know the price of tuition, room and board but other expenses aren’t quite
as defined.
After each term, you will want to sit
down with your student and crunch
the numbers. Did they spend more on food and entertainment than planned? How much were textbooks? What about travel to and from campus, and also local transportation? (Those Uber trips really add up.) If there’s a shortfall over the course of the year, and/or you’re looking at a tuition increase next year, you can work together to find ways your student can economize or boost their income.
Five strategies to consider:
1. Get the most financial aid.
Students who receive financial aid (or would like to be considered for financial aid) must reapply each year. Priority deadlines at many schools fall between January and March, so hop to it!
If there’s been a change in your family’s financial situation that isn’t captured
by the FAFSA (Free Application for Federal Student Aid, studentaid.ed.gov), your student should meet with staff
in the college’s financial aid office to communicate this and if necessary petition for an adjustment to their aid award.
While you’re on this subject, be sure your student understands the connection between financial aid and academic performance. There are usually conditions attached to the financial aid award such as taking a certain number of credit hours or making satisfactory academic progress. If a poor or failing grade might jeopardize your student’s eligibility for institutional grants or scholarships, they should meet ASAP with their academic advisor to discuss options such as retaking a class.
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