Financial Aid Awards
This month Financial Award letters should be showing up in your senior's accepted student portal or through the US Mail. Below, I’ll answer questions regarding how you hear about the award, its major components, and how you might appeal that award.
How do I know what my student’s financial aid award is?
Your student will most often receive notification of their award through their accepted student school portal. However, you may also receive a hard copy of that award in the mail. Encourage your students to log in and check their portals continuously throughout this process.
What types of awards are listed on an award letter?
Colleges will typically include all aid on financial award documents. That means free money in the forms of grants and scholarships, loans, and work-study amounts may be included. Free money is often referred to as a scholarship/grant, either merit or need. You may see income-based state grants included as well. Federal and private school-specific loans may also be included in the award. Federal Loans may include Direct Subsidized (Income Based) and Unsubsidized (Non-Income based), taken out in the name of the student, and Parent Plus (Non-Income Based) taken out by the parents. Work study may also be included. Work study is part of the Federal Program but is awarded by each school the school's financial aid office decides on the amount and the student must do just as it says, work. Monies are paid directly to the student and are accrued on an hourly basis, usually, at minimum wage.
The Cost of Attendance for each college will also be noted on each award to assist you in comparing schools. If it is not, simply visit the school's financial aid website and search for Cost of Attendance.
For information on Federal Awards visit: https://studentaid.ed.gov/sa/
Can you appeal a Financial Aid Award Letter?
Yes, but there needs to be a solid reason to submit an appeal. Something must have changed in your ability to pay. A few circumstances that may warrant an appeal are:
· A parent losing a job or reduction of income
· Unexpected medical expenses
· The death of a parent or caregiver
· A one-time increase in the family’s income reflected in the base FAFSA year
· Support of an elderly parent
· Damage due to natural disaster
· Divorce or Separation
Steps in the Appeal Process
The first step in appealing is to connect with the school's Financial Aid office to confirm the appropriate steps. Typically, a form is required, and or a letter containing specific supportive documentation. The letter should be clear, specific, and polite.
The financial aid office may request additional documentation to support your appeal. Additional documentation required may include:
· Tax Documents
· Medical Bills
· Income Statements, etc.
Since awards are given using previous tax years, having current tax information may support your success by showing changes that are or will happen in the current year.
Professional Judgment Adjustment
Professional judgment refers to the ability of the Financial Aid office to make a one-time adjustment to a student’s FAFSA, which may result in a positive adjustment for their financial award. Each office treats appeals differently and there is no guarantee that an adjustment will be made.
Keep in mind that changes might occur with some Federal Aid Award amounts. Please consider all the options, and work through a 4 year plan.
Contact me with questions!
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