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Displaying articles for: 03-29-2009 - 04-04-2009

Three Tips for Appealing a Financial Aid Award

by Gregg on 03-29-2009 11:16 AM

Recently, one of our clients was accepted Early Decision to a fairly selective and expensive college.  At first glance, the financial aid award was a little underwhelming and the parents fretted that the downturn in their business and lower projected income for 2009 was going to make paying the balance extremely difficult.  They appealed their aid award to the college and received an additional $34,000 over 4 years!  Certainly, appeals don't always work this well, but here are 3 reasons why I feel they had success.

 

1)  Research:  The parents understood the financial aid language and what they should reasonably expect for a merit-based and need-based award.  This helped them to identify the opportunity to ask for more and to know how best to make their case. 

 

2) Tone:  The parents were not argumentative or demanding in their request.  Instead, they explained the situation and asked for help.  Their polite and carefully worded letter and follow-up phone call were appreciated by the financial aid officers.

 

3) Facts:  The family presented clear and quantifiable information about their true situation and income projections.  Even though the financial aid applications are extensive and painful, they are still limited in their ability to present a true financial picture in many cases.  In this family's appeal process, they provided quality supportive information as to why the college should extend their award.

 

Preparation and presentation can be crucial when it comes to maximizing your financial aid and making the cost of college just a little more reasonable.

 

For information on Campus Bound's services,

visit www.upromise.com/campusbound.

 

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