College admission and financial aid offices report to me that few parents appeal for a larger award, leaving substantial money on the table.
Sure, college costs too much. They hear about it every year at this time as Financial Award Letters are received to the sticker shock of many unsuspecting parents. Since costs are known in advance, why the shock? Five reasons-
- The reality of college cost finally sets in when they see a line stating- Amount Due
- Parents are typically not prepared financially or emotionally to deal with the cost of college
- Parents find themselves paralyzed at the magnitude of the cost knowing it will recur and increase for years to come
- Parents don’t know what to do about it, realizing they waited too long to work on it
- Parents mistakenly expect to receive higher awards than they get, particularly regarding Financial Aid
The common response then is to call the Financial Aid Office to complain- “Your college costs too much. I can’t afford it.” They hear this repeatedly.
To most parents, their senses are validated- the reality check is real; they are not prepared financially or emotionally; they become paralyzed by the sticker price; they don’t know what to do; and, their expectation for higher awards was false.
But that doesn’t have to be your story. Rather, download your free eBook- 10 Steps to Saving $50,000 on College Costs by visiting our website- CollegeLogic
There are a couple of references to “Appeals” in our eBook. If you don’t know the appeal process, then you may leave thousands of dollars to other recipients, as college offices indicate to us.
The first thing to know is there are two distinctly different appeals, one made with the Admission Office and one made with the Financial Aid Office; that’s knowing the authority over the subject.
The Admission Office Appeal is designed to increase merit scholarship awards based on receiving larger scholarships or a lower net cost from comparable colleges. If you don’t have these options secured, then you won’t have a basis for an appeal. Just wanting more will not be good enough. But if you have quality options secured as we plan for throughout the process, then a successful appeal will result in a larger scholarship award and a repeated four-year savings.
The Financial Aid Office Appeal is designed to increase the University financial aid award based on not receiving the fair share in the initial package, as determined by the numbers. In short, when the college’s net cost exceeds your EFC, you become a qualifier for University need-based aid. Your award should be proportionate to their reported percentage met. Often times, the college’s financial aid offer falls short and only through an official appeal can it be increased. It’s not good enough to call up and complain about costs being too high. Rather, you have to know the numbers and apply them in a formal Appeal process.
Appealing for larger scholarships and financial aid is a normal part of our strategic plan to save on college costs. We are here to help you lower your college costs. It all starts with a simple, free, no obligation, phone call- 203.470.3704.
Next week, we will discuss what to consider in making the right college decision. Until then, take 15 minutes and give us a call.
Hans Hanson, Founder and CEO of CollegeLogic