FINANCIAL AID IN THE COVID-19 CRISIS
Financial Aid During Covid-19
This is an unsettling situation but if you have lost money because of the pandemic. A dramatic change in the stock market and your losing money in a 529 account is a reason to ask for more money.
Usually a majority of colleges and universities never meet their freshmen enrollment goals and want to close the deal to get you on their campus. That may mean they would be wiling to give you more money.
How do you appeal a financial aid award?
1. Call or email the school to see what their procedure is for appealing your award. Some will want you to complete a form and some will want a letter.
2. Be specific about your circumstance. Explain how much you have lost because of the stock market affecting the 529 or because of out of work now. If there is more than one in college that is important too.
3. If a parent has lost a job or had hours cut, add the letter from the employer about the change in employment.
4. Tell about any other circumstances such as because of CoVid 19, you will be supporting others in your family.
5. Do NOT tell them how lucky they are to have your child. Financial aid staffers hate that and do not want to negotiate based on how great the child is.
6. If your child has received a better award at a college that is not his favorite, let them know that and that you need their help in a time like this to help financially.
This is an unsettling situation but if you have lost money because of the pandemic. A dramatic change in the stock market and your losing money in a 529 account is a reason to ask for more money.
Usually a majority of colleges and universities never meet their freshmen enrollment goals and want to close the deal to get you on their campus. That may mean they would be wiling to give you more money.
How do you appeal a financial aid award?
1. Call or email the school to see what their procedure is for appealing your award. Some will want you to complete a form and some will want a letter.
2. Be specific about your circumstance. Explain how much you have lost because of the stock market affecting the 529 or because of out of work now. If there is more than one in college that is important too.
3. If a parent has lost a job or had hours cut, add the letter from the employer about the change in employment.
4. Tell about any other circumstances such as because of CoVid 19, you will be supporting others in your family.
5. Do NOT tell them how lucky they are to have your child. Financial aid staffers hate that and do not want to negotiate based on how great the child is.
6. If your child has received a better award at a college that is not his favorite, let them know that and that you need their help in a time like this to help financially.
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