Spring is acceptance and award season. Award letters are often opaque and confusing. How does a family decipher the award to know what they will receive and what they will have to pay?
If your award letter is not what you had hoped for, don’t worry. The first award may not be their last.
If you have verifiable documentation to support an appeal, here are some tips for successfully appealing your financial aid offer.
An appeal won’t hurt you or your student, and some expensive private colleges expect you will be appealing. Every college has its appeal process; check the website for its appeal procedures.
Do not make a tuition deposit until your appeal has been resolved. By making a deposit, you’re accepting the college’s terms.
Review your student’s FAFSA for errors and updates. The Free Application for Federal Student Aid is used to calculate need-based aid, and many times you have made an error that will cost you more to pay for college.
Compare the EFC in the award letter to the college’s own Net Price Calculator. If the two are way off, contact the student financial services office and ask them to walk you through their decision.
Small, private liberal arts colleges typically are better at offering tuition discounts. State universities and colleges tend to provide money for only need-based students.
Gather documentation if you plan to appeal need-based aid because of changes in circumstances. Let’s say a parent lost their job after the FAFSA was filed and has a copy of the notice of termination. If the family experienced higher-than-normal medical expenses, explaining the impact on the family’s finances is an excellent place to start.
A higher GPA that puts your student into eligibility for more merit-based aid could make a material impact on your pocket costs
Figure out how much you can comfortably contribute and give the college that number.
Hold off your appeal to the student’s first-choice college. Appeal the awards to your student’s second-, third- and fourth-choice schools because one of your most powerful tools is a better offer from a comparable college. Schools might be more open to an appeal in March or April when they begin to see how many first-year students accept their offer.
Draft a thoughtful and thorough, one-page appeal letter. Be specific on your reasons for the appeal and what you can afford to pay. Never use the word “negotiate”. You can use words like “reconsider or appeal.”
Remind the college that they are your student’s first choice and if they offer an amount that you can afford that your student would accept and attend their college.
The sooner you get started on the appeals process, the better.
SCFS is here to help you navigate the complex and confusing financial aid process.