Get More Money For College

by Linda Granadino, posted on 2008-11-07 19:09:55

By Jenny Granadino

You say you need money for college? But your college already gave you your Financial Aid Package and it’s still not enough? Don’t fret because according to Lauren Bayne Anderson, author of: “The Financial Aid Secret That Can Earn Big Bucks”, there is a yearly phenomenon known within the financial aid community; it is known as the “summer melt” and it works in the student’s favor. The summer melt program offers the opportunity for extra financial aid that previously didn’t exist. The article explains that the summer melt happens every year when students decide at the last minute not to attend college, leaving their financial aid package on the table. That cash then goes back into the pool of resources and becomes available to students who know how to ask for it.

So how do you ask for it? Lauren Anderson states that, “All you have to do is ask nicely. Call or write a letter to the financial aid office asking if there's any money that has become available since other students have made their decision -- and let them know if your financial circumstances have changed.” Alisa LeSueur, a certified college planning specialist with the National Institute of Certified College Planners and author of Maximizing Financial Aid: A cheaters guide to getting all you can from the financial aid system, offers some tips in getting the most our of the financial aid.

Here are Lesueur’s top five tips:

-Write a letter to the financial aid office

Thanking them for the "generous" financial aid package they've already awarded you. Tell them that you're planning to attend and ask if there is any more money that could be awarded to you now that other students have made their decisions.

-Make sure you know exactly what you're being asked

Before you fill out a financial aid form like the FAFSA or an institutional form. You don't want to be dishonest, but you also don't want to volunteer unnecessary information that can wind up costing you.

-Try to negotiate before you've sent in your deposit

Confirming enrollment. There's nothing wrong with letting a school know what another college has awarded you.

-Let the financial aid office know if your financial circumstances have changed

Since the original package was awarded. If your parents lost their job or work in a field being particularly hard hit by the economic downturn, some schools will take that into account.

-Above all, be nice!

No student is so valuable that a school is going to drop to their knees to give you whatever you want. "When you approach the financial aid office, approach with hat in hand-never demand," she said. "Go in with a demanding attitude and you'll get the cold shoulder."

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