9) Understanding Fin Aid Offers & Financial Appeals

How do I understand my financial aid award letter?

Here's a great example of a financial award letter, which every college/university you're accepted to will provide you with. This financial award letter will give a breakdown of what the college/university costs to attend, both per semester and per year, what money that college/university will be giving via scholarship or grant (if any), and what loans/grants/awards a student qualified for through their FAFSA. The culmination of these factors will determine the net price that YOU will be paying.

(Citizens Bank, 2022 Links to an external site.)

Can I appeal my financial aid award?

Negotiating-for-More-Financial-Aid.pdf Download Negotiating-for-More-Financial-Aid.pdf

Yes. You can appeal your financial aid award if there has been a change in your family circumstance or if you believe that the process did not account for a specific aspect of your family situation. The following is a list of reasons why you might appeal your financial aid award:

• • • Job loss
    • Reduction of income
    • Illness/Disability
    • Addition to family
    • Natural Disaster
    • Death
    • Relocation
    • Separation/Divorce
    • Private Tuition
    • Care for elderly parent
    • Increase Child care expenses
    • Changes in number of dependents in household
    • Unusual or one-time events that inflated your income the previous year

There other reasons why you might appeal an award. A school’s Cost of Attendance (COA) may not capture your actual costs. For example, a student from out of state may have much higher travel expenses than the average used in the COA. Also, if you receive a higher award from another school, some schools may match the award. Some schools, however, have explicit policies stating that they will not consider awards from other institutions.

You can only make changes by contacting the school directly with an appeal for a change in financial aid. You cannot change the financial information reported on your SAR Links to an external site.. The school’s financial aid office can change your EFC making eligible for more federal and institutional aid (DIY College Rankings, 2020 Links to an external site.).