Maximizing Financial Aid: How to Ensure You're Getting the Best Offer

Choosing the right college often hinges on the net cost after financial aid. Before making a decision, many students want to (should) ensure they’ve secured the best possible financial aid package.

When accepted to a college, students receive an Award Letter outlining financial aid from various sources. However, this initial offer isn’t always the final one. Students can appeal to the college if the offer isn’t sufficient or if they believe it’s not the best the college can provide.

Understanding the Appeal Process

While some highly selective colleges may have strict policies, most colleges treat the appeals process as a negotiation, even if they don’t label it as such. Students should approach it as an appeal or request for reconsideration rather than a negotiation to avoid negative connotations. Recognizing that it is, in essence, a negotiation can empower students to better navigate the process.

Research and Preparation

The first step is to research the college’s website for information on appeals and eligibility requirements. Next, students should contact the financial aid office to discuss their needs and gather tips on how to proceed. Since financial aid offices typically handle need-based aid, students should also reach out to the admissions office regarding merit-based appeals.

Comparing Offers

Before appealing, students should compare Award Letters from different colleges and determine which aid offers are renewable. Renewable aid, available for all four undergraduate years, is generally more valuable than aid that’s only available for the freshman year.

To compare offers effectively, students should:

1. Same Student – Different Colleges: Compare aid offers from different colleges on an apples-to-apples basis.
2. Different Students – Same College: Compare need-based and merit-based offers from the same college with offers received by other students with similar profiles if possible.

Students can use online tools or publications like U.S. News & World Report or Princeton Review to gather data and make informed comparisons.

Crafting a Strong Financial Aid Appeal

Most colleges require appeals to be backed by extenuating circumstances, such as a parent’s job loss, unexpected medical expenses, or significant changes in family income. Some colleges may also consider appeals based on better offers from other schools, though they may require a commitment to enroll if the offer is matched.

Appeal Timeline

May 1 is typically the deadline for choosing a college, and students should not commit before they’re confident in their financial aid package. Appeals should be submitted well before the deadline, especially for merit-based aid, as colleges are often swamped around May 1.

Tip: Colleges may also consider appeals based on new circumstances at any time during the year, so students shouldn’t hesitate to reach out if their financial situation changes.

A few years back, I was helping a Dana Farber patient’s family after the patient died.  Their daughter, who was recently accepted to a high-cost school in the Boston area suddenly found attending would be impossible based on the initial offer.   Her dad was the sole bread winner and there wasn’t enough savings to fund even one year of college.  I crafted an appeals letter and after a couple of attempts, we received a sizeable aid package.

Tips for Writing an Appeal Letter

1. Format: Send a typed letter to both the Admissions and Financial Aid Offices.
2. Tone: Express gratitude for the acceptance and clearly state the request for additional aid.
3. Details: Provide a brief bio, explain extenuating circumstances with specific numbers, and highlight your academic achievements.
4. Length: Keep the letter concise and respectful, signing off by hand.

Sample Appeal Letter

To the Financial Aid and Admissions Offices at [College Name]:

My name is [Your Name], and I am honored to have been admitted to [College Name]. It is my top choice, but I am unable to afford the current financial aid offer.

Due to [briefly explain extenuating circumstances], my family is facing significant financial challenges. My father’s monthly income is approximately $[amount], while our household expenses total $[amount]. As a result, we cannot afford the cost of my education, even with a part-time job.

I respectfully request a reconsideration of my financial aid award. I look forward to the possibility of attending [College Name] this fall.

Respectfully,

[Your Name] [Handwritten Signature]

Have you had a positive or not so positive appeal experience?   I’d love to hear about it.

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In good health.

All the best.

Rick Fingerman, CFP®, CDFA®, CCPS®

Rick@PlanWithFPS.com

617-630-4978

Financial Planning Solutions, LLC (FPS) is a Registered Investment Advisor. Financial Planning Solutions, LLC (FPS) provides this blog for informational and educational purposes only. Nothing in this blog should be considered investment, tax, health, or legal advice. FPS only renders personalized advice to each client. Information herein includes opinions and source information that is believed to be reliable. However, such information may not be independently verified by FPS. Please see important disclosures link at the bottom of this page.