For many families, receiving a financial aid award letter can be both a relief and a concern.
Today, I’m sharing a Q&A with Gage Mersereau, the CEO and Founder of GradBetter, a company focused on simplifying planning and affordability for counselors and families. GradBetter has crowdsourced financial aid awards and made it transparent, accessible, and digestible, enabling families to present a stronger case when making an appeal.
While the financial aid letter signifies that a student has been accepted into college, it may also reveal a gap between the aid offered and the actual cost of attendance. This discrepancy often leads families to consider appealing their financial aid packages.
Financial aid appeals have become increasingly common. According to a survey by the National Association of Student Financial Aid Administrators (NASFAA), 56% of institutions reported a rise in professional judgment requests between March 2020 and May 2021, with some colleges experiencing increases of 50% or more. This trend highlights the growing awareness and utilization of the appeal process among families.
Understanding the financial aid appeal process is crucial for families seeking to bridge the gap between their aid package and the actual cost of college. In this blog, we’ll explore effective strategies for crafting a persuasive appeal letter, common reasons for appeals, and tips for increasing the likelihood of a successful outcome. Whether you’re facing unexpected financial challenges or simply seeking a more equitable aid package, this guide aims to empower you with the knowledge to advocate effectively for your family’s educational needs.
Lee Bierer (LB): Why should families appeal their financial award letter?
Gage Mersereau (GM): Families may increase their aid and pay less for college by appealing their financial aid awards. In short, colleges enroll students at the lowest aid levels possible, putting the burden on families to appeal for more aid to get the best offer possible.
Colleges want lower acceptance rates and higher yields (accepted students who decide to enroll). These numbers boost their ranking with publishers. Simply put, this gives families power in the appeals process and an incentive for the college to increase their award level.
LB: What types of appeal letters are available to families?
GM: Families typically send a merit-based appeal to the admissions office and a need-based appeal to the financial aid office. A hybrid appeal for both merit and need can be sent as well.
LB: When should families appeal their financial award letter?
GM: Typically, right away. Financial aid funds may be on a first-come, first-served basis, so it’s often best to go ahead with need-based appeals. For merit-based appeals, it makes sense to wait for comparable offers. You can share higher offers from similar academic colleges, just like using multiple job offers to negotiate for higher pay. Colleges may match the higher offer. Include better offers regardless of your appeal pitch.
LB: What are the things you must do in an appeals letter?
GM: Compare the net cost of the colleges, which is their sticker or cost of attendance less the financial aid award. Lower-cost state universities are not going to match the financial aid awards of high-cost/high-aid private colleges.
Your tone matters. Families, especially those appealing merit, often earn more than college financial aid and admissions officers. Don’t be tone deaf to this. Seek a collaborative approach because you both want the same thing: for your student to enroll in their college.
Ensure you’re comparing apples to apples. Some colleges include both direct and indirect costs, meaning tuition and housing for the full cost of attendance. Others only include tuition and fees so it’s important to ensure you’re starting with the full cost of attendance.
Understand aid requirements. Many grants and scholarships require a minimum GPA. These requirements can vary by college, even for Pell grant recipients, following the Satisfactory Academic Progress. Check for limitations, such as required majors that can restrict a student’s academic options once on campus.
Renewability is key. Confirm aid is available for the duration of your studies, not just the first year. Compare the % awarded aid and average aid amount for freshmen versus all undergrads to see if a college has historically front-loaded aid.
LB: What are factors to highlight in a merit-based appeal?
GM: Academic credentials – Students in the top 25% of applicants raise the colleges’ admission standards, such as GPA, test scores and class rank. These numbers get reported to publishers that rank colleges. As you get towards the top 10 or even 5%, your appeal chances further improve.
Distinguished student – National merit scholar, valedictorian, class president and student government officer also get reported to publishers. With so many competitive students, standing out is key, examples: STEM/scientific awards, debate/Model UN recognition, Eagle Scout, etc…
Recognized talent – Winning a prize, award, or scholarship matters. Local, state, regional, national, and international competitions help you stand out.
You can find more merit-based appeal factors, along with need-based considerations, on GradBetter. Financial award comparison and appeal resources are completely free to seniors. Learn more at https://www.gradbetter.com/awards.
Lee Bierer is an independent college adviser based in Charlotte. Send questions to: lee@bierercollegeconsulting.com; www.bierercollegeconsulting.com
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