Originally posted March 26, 2012 at collegerecruiter.com
High school students across the country are eagerly anticipating the arrival of college decision letters. For most students, acceptance is only the first hurdle. Money is the second and often bigger hurdle. Receiving a healthy financial aid package (scholarship-heavy, loan-light) can feel like hitting the college-funding jackpot. Yet a weak financial aid package doesn’t have to be the end of the road.
If the college of your dreams says “yes” but their financial aid award says “no”, don’t give up! Take a deep breath. Sit down with paper, pencil, a calculator, your family and the college budget you and your family have in mind. Bring a creative, flexible spirit to the table.
- Don’t panic. Take the perspective of an explorer who has hit a roadblock. Be open to new possibilities and new pathways that still lead to your goals.
- Clarify your end goal. Restate what you want to get from this degree. Ask your parents to share or restate their goals for you.
- Take a second look. How do the college’s “estimated costs” compare with your reality? Take a close look at the personal expense allotment. Where can you cut back? Get clear on the funding amount you need, not what the college thinks you need.
- Consider housing options you may have overlooked. Could you live at home, stay with a relative, or work as a live-in nanny or companion to a healthy senior citizen?
- Ask the college to reconsider your award. Be professional, appreciative and to-the-point. Emphasize changes in circumstances, why this school is your first choice, and what you can bring to the campus. Send a written thank you note for their time.
- Consider working for a year. Ask if the college would be willing to hold your place and award package. If you choose this option, get the college’s commitment in writing.
- Don’t pad the financial aid package with private loans unless you are certain the benefit of attending this school warrants the risk of deep debt. Likewise, don’t ask your parents to get a second mortgage or borrow from retirement. A reasonable college budget doesn’t jeopardize your or your parents’ future.
- If the gap is too big, ask if the college has transfer options if you started at a less expensive school such as a community college. With an recent annual growth rate of 15% and current enrollment of more than 8 million degree-seeking students, many community colleges today offer top-quality instruction, state-of-the-art facilities and seamless transfer options to four-year schools – for around $3,000 – $5,000 a year. Not a bad idea no matter how much money you have!
