The Financial Aid Award Letter: Receive Top Dollar from your
Top Choice
By Monica Wheeler
As financial aid award letters begin to arrive mid April, college
hopefuls realize a letter of acceptance is only the first step in
deciding which school they will attend in the fall. A student who
applies to six colleges can receive a different award package from
each school. The all- important award letter spells out exactly
what type and how much financial assistance will be extended.
Many parents and students assume, based on federal regulation,
they will get the same basic award from each school. But, that
is far from the truth. So, what do you do when your top choice
school doesn’t offer top dollar?
Start thinking like the Colleges and Universities. They recognize
students are customers and the stiff competition for your business.
And, so should you. Since private colleges are not mandated by
state government, they can offer special ‘discounts’ to
compete with the lower cost of subsidized schools. Institutions
are often more willing to match awards than lose an accepted student
due to financial reasons.
Now is the time to compare award letters and make those extra
application fees pay off. Approximately15% of families appeal,
2/3 of whom get an improved aid package of a $2000 average increase.
If the first choice school doesn’t allot as much as the 2nd,
3rd or even, 6th place school that is a legitimate basis for an
awards appeal.
Here are 4 suggestions for submitting a competitive appeal.
- Speak up – Once an offer of admissions is extended
it cannot be taken back, Remember the squeaky wheel gets the
oil
- Officially submit the request -Write a letter requesting
an aid reevaluation that also expresses your pleasure at being
accepted
and your interest in attending.
- Provide justification - Include a copy of the highest award
letter and ask if they can improve your package.
- Follow –up – Seven to ten business days after
sending the letter call the admissions counselor handling your
file directly to personalize and prioritize your request.
For more information See the Author’s Web Site: 35 Practical
Ways to Get Money for College http://www.cashforcollege.bizhosting.com
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