Monday, 6 July 2015

Write A Memo To Request Consideration For A Student Loan Program

A well written letter can help you get more money for college.


You've been accepted to the college of your choice, applied for federal student loans, and received your financial aid award. But the difference between the aid and the cost to attend college is still too much for you to afford. Don't give up. You can appeal that financial aid award and request more money with a letter to your college's financial aid officer. Historically, about half of these appeals are approved; and in economic downturns, that number has risen much higher. With better than half a chance of getting more aid, a well-written memo can really pay off.


Instructions


1. Gather information to make your letter as compelling as possible. Check the college's financial aid website for instructions or forms for requesting more aid. If you can't find any information, call or email the office of financial aid for help.


2. Write a letter to your college's financial aid officer asking for a "professional judgment" review of your award. If you are writing an email letter, make sure to put "Professional Judgment Review of Financial Aid Award" in the subject line. If the college provides a form for appealing your award, attach your memo to the form.


3. Write your own appeal. Financial aid officers look favorably on students who take responsibility for their own financial aid.


4. Attach receipts and bills to document your need.


Be specific about why you need more aid. Check the university website or talk to a financial aid officer about what he considers "special circumstances" for requesting more money. For example, most schools do consider change in income, change in marital status or major medical expenses "special circumstances" to be reviewed. On the other hand, "My parents don't want to pay" is not considered a valid reason by most colleges.


5. Provide details and documentation. If your father lost his job and your mother had extraordinarily high medical expenses this year, site the income lost. List the dollar amounts of the medical bills and the amount not covered by insurance. Attach supporting documentation: copies of W-2 forms, tax forms, hospital bills, etc.


6. Be totally upfront about your income and expenses. If you appeal and are later found to have hidden income or otherwise falsified your aid applications, you can lose all of your aid and be fined --- or even sent to prison.