This post is from Grown and Flown.
It’s spring of senior year and your daughter has just received the best news of her life. “Congratulations! We are pleased to inform you that…” She breaks into a huge smile, followed by tears of joy as she learns she has just been admitted to the school of her dreams. As you look at the next page of her letter you feel like crying too, but for completely different reasons. The financial aid award isn’t close to making her dream school affordable.
So what should you do? The only remedy available to you at this late date is the Letter of Appeal that you’ll need to send well in advance of National Decision Day on May 1, the last day you can leave a deposit at the school your child will attend.
How to appeal a financial aid award
1. First, compare the financial aid offers from all her colleges.
It is crucial that you understand what your net cost will be at the schools your child most wants to attend. The net cost is the total annual sticker price at the school minus any grants and scholarships listed in the financial aid award.
Do not subtract loans or student employment, since these aren’t gift aid. Be sure you understand what the total cost of attendance (COA) is at each school — tuition, fees, room, board, books, personal expenses, and transportation to and from campus. Then do the simple arithmetic to learn how much each school will actually cost:
COA-Grants/Scholarships=Net Cost
2. Call the financial aid office
Next, if you decide that you want to go ahead with an appeal at one or more schools, call the financial aid offices and ask what their process is. Some will simply send you a form to complete, others will ask you to send them a detailed request in writing. If they allow a letter, I recommend you send it as a pdf attachment to an email addressed to the financial aid office of each college.
Strongest reasons to appeal a financial aid award
Simply wanting more money, even needing more money, is not going to win your appeal. So what are the most convincing circumstances that could lead to a favorable adjustment to the award?
1. Loss of job/income.
The most powerful reason to appeal is that there has been a loss of job or other source of income since the FAFSA and CSS Profile were submitted. If this loss of income was due to a circumstance beyond the family’s control, it will carry considerable weight in the appeal process. What will be expected from you is the date of job loss, the reason for the job loss, the amount your earnings have been reduced, an explanation of when employment will be resumed if known, and what the new expectation of earnings will be. It is best to attach additional documentation corroborating these circumstances.
2. Increase in non-discretionary expenses.
Family spending can skyrocket as a result of serious injury or illness, or an elderly family member needing to move in to your home, or natural disasters like fires, floods, or earthquakes where there is significant damage to home or property. If any of these events have occurred, they should be documented in the letter of appeal, using actual dollar amounts.
