As this recession our country is in has forced many companies to cut back jobs, the unemployment rate has affected college students as well as working adults. A report on Good Morning America profiles what is happening to students who can no longer afford to pay their tuition because of parents who have lost their jobs. Unfortunately, colleges and universities, even state schools, are struggling to make ends meet during this recession. Due to the Federal Application for Federal Student Aid (FAFSA) being filled out early in the year, the financial situation you or your parents/guardians' are in may have worsened but this is not reflected in your Federal student aid package. The major piece of advice offered in this GMA news report is to go to your financial aid office and ask for more help on paying your tuition. They may be able to find extra funds that may not have been available prior to the job loss, but now that your family's financial situation has changed so dramatically, there may be a way for your university to accomadate your specific financial situation. It doesn't hurt to ask, and ask sooner rather than later because these university emergency funds will run out. Unfortunately, the only other conclusion offered by this GMA report is to go part time in order to reduce tuition or attend a community college.
GMA also does not mention that many banks offer student loans that do not require a FAFSA. These student loans are therefore not government loans, are unsubsidized, and usually have higher interest rates than those student loans offered by the government. This makes these bank-funded student loans less desireable, but if they are all that is available they may be worth it.
The conclusion made by GMA, and I completely agree, is that if you need help you should ask.
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