This fall, the coronavirus is likely altering your college journey. Here’s a comprehensive look at key questions students are asking.
Your college years often symbolize growth and transformation, accompanied by considerable expenses. Adding the COVID-19 situation to the mix creates uncertainty. If you're a student concerned about how the pandemic may affect your education, we’re here to provide clarity — read on for answers to prevalent queries.
How is COVID-19 influencing college expenses?
It's premature to determine the full extent of COVID-19's impact on tuition, but its repercussions will likely persist for years. The University of Michigan estimates losses between $400 million and $1 billion this year across its campuses, while the University of California reported $558 million in unexpected expenses just for March. Will these factors lead to increased tuition? Time will tell, yet families are undoubtedly feeling the financial strain.
“There’s been a lot of financial upheaval… from unemployment and shifts in the economy,” noted Christine Roberts, an expert in student lending, during a live discussion on LinkedIn. “Many families are now seeking to borrow more due to changing market conditions.”
What if my school provides a refund due to changes this semester?
Some institutions are issuing prorated or partial refunds for costs like housing and activities. In certain instances, students have even initiated class action lawsuits to obtain refunds. If your college offers a refund, consult with a parent or guardian about its best use — it may be necessary to allocate it for family expenses or future tuition and housing. If it involves borrowed funds, reach out to your lender for repayment options.
What happens to my financial aid if I postpone a semester or year?
Policies regarding financial aid deferrals differ among institutions. With more students contemplating a gap year or semester due to COVID-19, some colleges may tighten their policies to prioritize current students. Review your school’s COVID-19 deferral policy, typically available on their website, and contact the registrar or admissions office for specific inquiries.
“Many schools have recently updated their regulations due to COVID,” Roberts explained. Incoming freshmen interested in taking a gap year may need to apply for readmission later. Schools are also adjusting their transfer requirements, so ensure that any community college courses you consider will be accepted for credit.
Additionally, if you're entering your sophomore, junior, or senior year, remember that a gap year can affect your student loan repayment timeline. After six months, your grace period ends, and you'll either start repaying your loans or need to “apply for a special forbearance,” Roberts advised.
What if I’m taking online courses and don’t need to pay for housing?
Under the Coronavirus Aid, Relief and Economic Security (CARES) Act, you retain any federal aid already received. As long as you continue your classes, you should remain eligible for financial aid, provided you actively participate and complete your coursework, according to StudentAid.gov.
Also, note that if your enrollment status shifts — for instance, if the cancellation of in-person classes reduces you to part-time — your eligibility for federal aid may change. Contact your school's financial aid office with questions regarding your specific aid status.
Can I negotiate for more financial aid due to COVID-19?
Negotiation can be a wise move. Keep in mind that your financial aid for the upcoming year was based on 2018 income data, so if your financial situation has changed significantly — for instance, due to a parent’s job loss or unexpected medical bills — you should present this information to support your request for additional aid.
“If there’s been a significant change… approach the universities; they all have a process for hardship applications,” Roberts suggested. “By explaining your situation, they can reassess and potentially offer more assistance — not guaranteed, but definitely worth discussing.”
Check the financial aid office’s website for an appeal form, and keep track of all deadlines related to the appeals process. While you're at it, send an email to the financial aid office detailing your situation and request consideration for additional aid, inquiring about any necessary steps to initiate an appeal.
