6 tips for appealing a financial aid award
News from CBS News:
This is the time of year in the college admission season when colleges and universities break the hearts of millions of applicants.
Teenagers who are thrilled when they’re accepted by their dream colleges are too often disappointed with the aid packages that they receive.
This week, for instance, a college consultant shared with me the aid package of a bright girl who received a financial aid offer from Villanova University that included a $ 3,000 work-study job, but the rest of the package was stuffed with loans. The financial aid formula suggested the family could afford to pay roughly $ 30,000, but the school’s cost is more than $ 60,000.
When a school dispenses such a miserly award, it’s unlikely that the gap between what a student needs and what a school wants to give will close. Many times, however, it’s worth appealing a financial aid package or a merit award.
Here are six thing you need to know about appealing an award:
1. Identify your “Expected Family Contribution.” Before you can determine if an award is stingy, you have to know what your Expected Family Contribution is. Your EFC is a dollar figure that r…………… continues on CBS News
Epperson’s tips for a better financial life
News from NBCNews.com:
CNBC’s Sharon Epperson offers 10 personal financial tips, from how to pay down credit card debt to improving your credit score and finding a financial adviser.
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