As some of you are going through the college application process might have heard, there have been some hiccups in the new FASFA process this year with 20% of applications containing SAI (Student Aid Index) related errors. These mistakes will not just affect your government funding options but trickle down to the school financial aid packages as well.
Our college planning software provides your projected SAI. We can use this projected number to diagnose if you were one of the 20% affected by these errors.
If you are part of the unlucky group, we need to act immediately. As of now, schools are showing no intention of extending their commitment deadlines, so we need to ensure the aid packages are correct as soon as possible!
When appealing, we must remember schools are a business and they want the best of the best. You are the asset in their eyes, and they are trying to win your business!
Here are some Financial Aid appeal tips:
· Tell them why you are excited to go to that specific school. Let them know why you would love nothing more than to be a bulldog, eagle, duck, tiger, etc. This will incentivize them to allocate money towards someone who is passionate about what they have built.
· Use their competitors against them. This will work especially well for private schools. There is a lot of power saying “I want to come here but your competitor is offering me this. Can you beat it?” The only thing worse than losing a great student, is losing him/her to their competitor.
· Approach them with a specific number. We all know the negotiation techniques, start high and work your way down until you fall at a number you are happy with. Most importantly be specific about what you want.
· The sophistication of your appeal matters! Anyone can walk in and ask for more money but if you go prepared with the points above, it will show you care about that school and put in the time to prove it.
Please feel free to reach out to us with any questions!
Cole Mitchell, CFP ®