Today on MyMoneyLife with Chuck Bentley

We knew it would happen and it has.  The unemployment rate has topped 10 percent, according to the latest government figures.

Well, there’s always something to be hopeful about, and today I have another silver lining in the dark cloud of recession.

If your income’s taken a hit due to the downturn in the economy, it could work to your benefit if you have a student heading off to college next year and you’re looking for  financial aid.

According to SmartMoney.com, here are the top 3 things you need to know:

1. Apply early, like now.  Pick your school as early as possible because many state and school-based grants are divvied out on a first come-first served basis.  When they’re gone, they’re gone.



2. Don’t shy away from reporting that you’ve lost your job or your hours have been cut. Maybe you won’t be getting a bonus this year.  Make sure any drop in household income is well-documented.



3. Don’t take “no” for an answer.  Most financial aid applicants aren’t aware that there’s usually an appeals process.  When you appeal a financial aid decision, your application goes to a higher level and gets even more scrutiny, so make sure all of your documents are in order.  And let them know that you’re still considering other schools.

So, if you’re income’s taken a hit because of the recession, use it to your advantage.  Your student just might get through college with less student loan debt, and that would be a silver lining, indeed.

Well, we’re approaching Thanksgiving and I want to say thank you to all of our broadcast partners that make My MoneyLife possible. And I hope you’ll take a moment to thank them, as well.

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Other Resources:

• ABCs of Money Package
• Career Direct
• God's Principles for Operating a Business
• Business By the Book
• Crown Mvelopes