Is it possible to get a college to reconsider their financial aid package?
Client Question: My son was accepted into his top choice and then a few of his lesser choices. The only problem is that School #1 presented us with a financial aid package that is about 1/3 less than what some of the other schools offered. Is there anything that we can do? Do schools ever reconsider their financial aid packages?
Boston Money Coach Answer:
Absolutely! You have the right to appeal and discuss the findings with the financial aid officer. Your case may be strengthened by mitigating circumstances in your income or asset situation (change in job status since the base year income used for calculating your Expected Family Contribution, for example). Also, consider gaining leverage with the financial aid officer by leveraging off of any aid packages offered by a competing institution where you applied.
Some amount of aid is kept in reserve to enhance offers for kids schools really want. Contact the financial aid officer indicating that the school is your child’s preferred choice but that other schools offered better packages. Competition never hurts and here it may help you. Provide specifics of the other aid packages. Do this as soon as possible, before the reserve funds are exhausted.
Financial aid officers may exercise “professional judgment” to review and change offers. “Special circumstances” are the basis of exercising such judgment. In your appeal, be specific about the amount that you are seeking. Be prepared to provide documentation about the mitigating circumstances or, in this case, the kind of financial aid offers received from other schools. It’s a good idea to make contact with the financial aid officer in person. The personal touch may go a long way to helping you with your appeal. At the very least make contact by phone and don’t rely on email.
Special circumstances may include unusual or one-time income in the Base Year used to calculate the Expected Family Contribution (EFC). It can also include large expected travel expenses to and from the school for the student. Special family situations such as divorce, separation, illness or death of a parent or family member may also be considered grounds for appeal. And generally, anything that you can negotiate with the financial aid officer to be considered a special circumstance is valid. You need to provide the aid officer a reasonable basis for changing the numbers for assets and income provided by you and your student on the FAFSA that were the original basis of determining your EFC and need.
To learn more about Steven, view his Watchdog profile.
How can I appeal my financial aid payments because I was disabled at the time I recieved financial aide and couldn’t afford the interest payments that have tripled since then
The appeal process is best used when trying to have a college’s financial aid officer review the aid award determined by that school before entering or during the years you attend. When a student completes the FAFSA, the assets, income and resources of the student and parents, if applicable, will be used to produce a Student Aid Report (SAR). If there are errors is the information reported or special circumstances, like a disability, death in the family or job loss after the Base Year, this can then be brought to the attention of the financial aid officer.
If you are still in school, then consider contacting the financial aid office directly to request information on their appeal procedure.
Based on your post, though, I’m assuming that you are out of school now. In this case, your appeal options are limited. Generally, a student loan can be reduced or discharged under very limited circumstances, a total disability is one criteria. The discharge procedures differ depending on whether you have federal Stafford loans or Perkins loans.
For Perkins loans, you need to contact the loan servicer or the school that granted the loan. For Stafford or PLUS loans, you need to contact the servicer.
For additional information, visit http://www.studentaid.ed.gov.
I have a few financial aid related questions and would like to recieve your input asap
I have been accepted to attend Hofstra University for Fall 2012
I recently graduated Los Angeles City College with an A.A Degree in Liberal Arts and am on pace to move to the next level. The problem out of state and it is a private university. As a child my dream has always been to go to a university far away from home but this insitution isn’t offering me much to attend. It is 54k to attend a year and my package covered roughly 24k. The other 30k they want me to take out in loans. I called the financial aid office at Hofstra University and spoke to a few staff who advise me to write a appeal for additional scholarship consideration. On the statement I shall input why they should cover the rest of tution, what I can bring to their university, how i plan to give back and join the legacy, my location, hardships, etc. I come from a single parent home in the poverty of south central los angeles. My older brother is highly inflicted with gang activity and frightens me as I move forward with my education living in that environment. My dream has always been to make it out of the slums not survivor in it and be known as someone I am not. My financial aid questions are 1) Do you think if my appeal is appealing enough they can cover the rest of tution? 2) I am from California if I study Drama at a State school it will turn out much cheaper than a private instution yet will it be the same experience? 3) Can the Financial Aid Counselors have an impact on your financial package?