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.

1. Speak up – Once an offer of admissions is extended it cannot be taken back, Remember the squeaky wheel gets the oil
2. Officially submit the request -Write a letter requesting an aid reevaluation that also expresses your pleasure at being accepted and your interest in attending.
3. Provide justification – Include a copy of the highest award letter and ask if they can improve your package.
4. 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.

See Also:

• Budgeting Your Family Finances
• The Frugal Guide to Building Wealth
• Eliminate Debt Before You Retire
• Wealth is Only a Decision Away
• The Wealthy Buy Assets, the Poor Buy Liabilities, and the Middle Class Buy Liabilities Believing They Are Assets