Everything You Need to Know about Financial Aid Appeals
Have your financial aid packages left you overwhelmed by the cost of college? Maybe you have heard about appealing the financial aid offered, but aren’t sure if you should go for it. And if you do decide to ask for more money, where do you start? We have the answers to all your burning questions!
Wait, so what is a financial aid appeal?
A financial aid appeal is a process recognized by financial aid offices for families to request reconsideration of the need-based aid awarded. Need-based aid is the funding offered after filing the FAFSA and, in some cases, the CSS Profile. Essentially, this is a family’s opportunity to explain why the data on the FAFSA/CSS Profile has changed or is no longer reflective of your finances, or does not take something specific into consideration. The goal of this process is to ask for and (we hope!) be awarded more grant funding.
How do I know if my financial situation warrants an appeal?
The most successful financial aid appeals include special circumstances that fall into one of these three categories:
- Reduction of income The 2019-2020 FAFSA is based on your 2017 income. If your income has been reduced from then to now due to a job loss, reduction in hours, new employment, or child support ending soon then you should appeal! Keep reading to find out how.
- High non-discretionary expenses Financial aid officers are not sympathetic to consumer debt and typical living expenses. However, they may consider items like out of pocket medical expenses, education loan debt in a parent’s name for themselves or an older child, or expenses for the care of an elderly relative or special needs child. Sometimes colleges will take into account the cost of private high school for a younger child.
- Artificially inflated income This could be a one-time capital gain, a bonus that is not typical for you, or retirement distribution that will not happen again – at least not during another financial aid base year.