A Parent's Guide to Financial Aid (continued)

When considering a financial aid package that contains loans, take into account not just this year, but four years or more education loans. Talk to your child about his or her responsibility to pay back the loans after college. Along with your child, think about how much loan burden you think would be sustainable after college.

Of course, financial aid should not be the only criterion your child uses to choose a college. You and your child may decide to take a somewhat less attractive financial aid package if you feel the quality of the college and your child's education there is worth it.

Can You Negotiate?

Limited negotiation on financial aid packages may be possible. If your family has special circumstances not covered by any of the standard financial aid forms, consider writing a letter to the financial aid office describing your situation. Also, if your financial situation changes at any time (for example, if a parent loses a job), notify the financial aid office immediately. Financial aid officers want to know about anything that could impact your ability to pay for your child's education. They must work within certain limits, but their mission is to help families afford their college.