INTERPRETING Award letters

College is an expensive endeavor, and finding the funds for it can be stressful. Even if you get into the school of your dreams, whether you can go or not will often depend on how much financial aid you get and whether it’s enough to make it feasible for you to attend. Most financial aid letters from colleges and universities will be on your College Portal. When you are accepted to a college or university, the school provides you with a login to an online portal where you can manage your financial aid, housing contracts, etc. If you need help finding this, ask your counselor for help!

Keep your options Open

Choosing between packages

When it comes to choosing schools based on financial aid packages, take some time to discuss each one in detail with your family and, if you need to, with a financial advisor. When making final determinations, you need to choose the one that combines both your academic expectations and your financial requirements.

Getting your financial aid settled can be a stressful experience, but it doesn’t have to be! Just keep in mind that you can always request a review of your financial aid package; you’ll give yourself some needed peace of mind.

Comparing offers from different schools

Not all financial aid is created equal. The best types of aid are the ones that do not need to be repaid (like scholarships, most merit aid and grants). Work-study programs allow you to work off some of your tuition by taking employment on campus. Many of these jobs can be fun and they also help you build up your resume. Out of all types of financial aid, the least “beneficial” are loans, because they accrue interest and need to be repaid; however, institutional and federal loans are often the best because they have the lowest interest rates and are often more lenient with repayment options. Private loans typically have higher interest rates and stricter repayment requirements.

When comparing offers, keep these things in mind: The package that offers you the most via scholarships, grants, merit aid and work-study will be the most beneficial for you. Institutional and federal loans trump private loans.

Negotiating Your Financial Aid Package

The Do’s and Don’ts of Asking For More Money

College is an expensive endeavor, and finding the funds for it can be stressful. Even if you get into the school of your dreams, whether you can go or not will often depend on how much financial aid you get and whether it’s enough to make it feasible for you to attend. Most financial aid letters from colleges and universities will be on your College Portal. When you are accepted to a college or university, the school provides you with a login to an online portal where you can manage your financial aid, housing contracts, etc. If you need help finding this, ask your counselor for help!

Many colleges and universities will be willing to work with you to help you attain your academic goals. Asking for a review of your financial aid package is okay; however, there is a certain way that you should do it, and there are things you need to avoid.

When asking for more money DO…

Wait until you’ve received all aid offers from the schools you’ve been accepted to. You want to be able to compare awards and have an idea of what each school is offering you.
Be nice, courteous and professional. This should go without saying; the nicer you are, the more willing people will be to help you.
Explain why more financial aid is necessary. Be ready to show schools that there is an actual reason why you’re making your request.
Have evidence to back up your request. (i.e. a better package from a similarly-ranked school, proof of recent financial hardship, etc.)
Explain how much you can realistically afford. Let them know that you’re willing to shoulder some of the financial burden.
Consider work-study programs. This can help eliminate some of the cost of attendance and will give you good work experience as well.
Have realistic expectations. Don’t think that a $5,000 scholarship will turn into a $15,000 scholarship. There is only so much a school can do.
Have a back-up plan in case your request doesn’t pan out. It may not always turn out the way you want; be prepared to consider other schools that provide you with more attractive financial aid offers.

When asking for more money DON'T…

Make demands. Remember, the school is actually helping you out; keep it friendly and realize that you’re both on the same side.
Make threats. “If you don’t do this, I’ll go to another school!” This is not the way to get people to help you.
Harass the school once they have given you their final decision on your request. Even if it’s well-meaning, continuing to ask the school for further consideration is more likely to frustrate them than help your case.
Wait until the last minute to start the review process. Give the school plenty of time to see what they can do.
Expect or demand merit aid if your stats are average or below average for the school. Merit aid is reserved for those with exceptional credentials, be realistic about yours and be willing to accept that the school makes merit determinations on its own.
Expect that you will avoid loans or work-study. When you ask for more aid, it is very likely that these will be a part of your package. If you are unwilling to accept this, it will make it very hard for the school to help you.

Appealling Financial Aid Award Letters.docx

Appealing financial aid awards

If you feel you have not been awarded a fair and reasonable amount of financial aid by one or more of your colleges, consider appealing your financial aid awards. Parents should conduct verbal negotiation of financial aid awards and students should send written appeals, but verbal negotiation is always recommended. Please read the list of scenarios that could warrant a financial aid appeal