Best Way's to Appeal College Financial-Aid Decisions

Best Way's to Appeal College Financial-Aid Decisions

Going to college and getting a higher education is a practical necessity today in order to achieve professional success. While going to college is very important, it is also extremely expensive. In many cases, people will end up spending more than $100,000 for their four years in college.

To help pay for the high expenses of tuition and room and board many people end up getting financial aid from the school they are attending. Unfortunately, many people end up being denied a part or all of the financial aid that they are seeking. While it can seem challenging to do so, there are several tips that can be followed to help anyone appeal a negative financial aid decision.

Appeal to Financial Aid Office Directly: The first thing that you should do when you want to appeal a financial aid decision is to appeal to the financial aid office directly. The financial aid office likely used a very calculated approach when they were determining your financial aid need and qualifications. While they will all have a system for determining need based on income, assets, and student records, these offices will also be able to take other factors into consideration. In a letter written directly to the financial aid office, you should highlight other issues that could impact your need that may not have come across in your initial application. This can include a recent job loss, family member death, or sudden rise in other expenses.

Apply for Other Aid Through Admissions: The financial aid office of a college typically focuses on providing students with need-based financial aid including student loans. However, there are other places in the school where you

could also seek financial support. By contacting the admissions office of your college, you could learn more about grants and scholarships that are available. These are also often a preferred option as you will not be required to repay them upon graduation.

Show Competing Offers: Ultimately, one of the best ways that you can show that you deserve financial aid is by providing a competing offer. When you are applying for schools, you should apply to at least three or four to ensure you are able to get into a good program. Once you have narrowed down your list, you should also apply for financial aid at each of these schools. If you are able to qualify for financial aid from even one of these schools it will act as a great competing offer that your target school may be willing to match.

Avoid Giving a Deposit: When you are looking to go to a new college, you also need to avoid giving your school deposit until it is too late. Once you have given notice of your intent to enroll and your deposit, it will look to the school like you are locked in. Instead, a better option would be to delay your notification and deposit submission. The financial aid office may then offer you more money in order to entice you to commit to the school.

Mark Angelo operates as the President and portfolio manager for investments made by the fund and has seen more than 500 financial transactions during his time with Yorkville Advisors.