By Farran Powell & Sarah Wood
The escalating price of college is a barrier to attendance for many students, even with financial assistance. In-state tuition and fees at public national universities, for instance, have increased by 211 percent over the last 20 years.
But students can get extra money to pay for college, in some cases, by filing a financial aid appeal letter. Here are seven strategies financial aid experts recommend for appealing a college financial aid package:
Assess your current financial circumstances
Schools use the Free Application for Federal Student Aid, or FAFSA, to determine financial aid eligibility. The form uses tax information from the “prior” year, so families completing the FAFSA for the 2022-2023 academic years, for example, need their 2020 tax return.
Applicants who experienced a change to their financial circumstances over the last two years – like layoffs, furloughs, or pay reductions brought on by the coronavirus pandemic – should consider filing a financial aid appeal. Other reasons to appeal may include a death of a family member or an unexpected expense, such as a large medical bill.
“We do recognize that family situations have changed,” says Donna Kendall, associate vice president of enrollment and dean of undergraduate admission at Bentley University in Massachusetts. You can file an appeal for both need-based and merit-based aid.
Don’t Call It a Negotiation
Colleges don’t like the word “negotiation” because it sounds like you’re bargaining at a bazaar or a car dealership, according to Mark Kantrowitz, financial aid expert and author of How to Appeal for More College Financial Aid. Instead, expert advises families to use the word “reconsideration” in letters and emails to colleges.
Have a Conversation with the Financial Aid Office
If you’re filing for a need-based appeal, send an introductory email to your financial aid counselor and request a time to talk over the phone to discuss special circumstances, experts suggest. “Having only emails back and forth and numbers on paper really doesn’t give the financial aid counselor a chance to understand what the situation is,” says the expert.
For reconsideration, families need to provide documentation, preferably from a third party, of any financial changes that affect their ability to pay for school. Schools can use this financial information to recalculate the minimum families are expected to pay for a year of college, a figure known as the expected family contribution.
Reach Out to the Admissions Office
A school’s financial aid office only handles need-based aid, so contact the admissions office for appeals related to merit aid. Most additional awards granted by schools are scholarships. Experts say that families that have already been awarded some type of scholarship are more likely to get an increase in award money. If your appeal is approved, confirm with the college that the increase in merit aid is for all four years.
Use a Competing Offer
Some schools are willing to adjust a student’s award package to match a better offer from another college. Much of the merit aid will depend on the school’s endowment.
Hold Back on the Deposit
May 1, otherwise known as College Decision Day, is the last day for most first-year applicants to select a college. But experts say there isn’t a reason to commit before the deadline. Wait until you have a complete picture of all your financial aid offers to place a deposit.
Appeal as Soon as You Know Your Needs
Colleges’ financial aid and admissions offices are typically swamped with decisions and appeals around May 1. So if for any reason you want additional funding, don’t wait until right before the deadline to file an appeal – especially for merit-based aid. At the same time, schools understand that life happens, and sometimes financial circumstances change after a student has confirmed their spot at a school.
“We don’t want families to have to wait for the next academic year aid application cycle to appeal,” says the expert. “So they should, at any time during the year, reach out to the financial aid office to see if there is the possibility of appealing. A school may be sympathetic to the appeal and want to do something, but they may not have the money to do it.”
(Courtesy: US News)
