7 Financial Aid Secrets Students Need to Know

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As a student (or parent) it can be easy to focus solely on the college application process, and completely forget about financial aid.

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Many of us rely on financial aid to bridge the payment gap. Financial aid may come from multiple sources, including scholarships, grants, work-study, federal student loans, and private student loans.

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An online survey of students and parents found 72% of college families in 2021 relied on scholarships and grants to cover a portion of college expenses, according to Sallie Mae’s study.

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1. Decision Day vs Summer Melt

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But even after this deadline, students can change their minds. This phenomenon is known to industry professionals as “summer melt,” and sometimes it’s triggered by FAFSA verification setbacks.

2. Writing a Letter

[{"selector":"#anim-17bbe148-3284-4c4a-b90a-a6f4bc30835f","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-4a42dc4a-7c4f-4a80-912b-ee64e4c15905","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] You might be able to take advantage of summer melt with this secret: write a letter. After you get your financial aid offer, you could write a letter to your school’s financial aid. Learn more

Let them know how excited you are to attend school in the fall. That’s where you could include a thoughtfully worded inquiry for any additional aid that you might qualify for as a result of summer melt.

3. Calling the Financial Aid Office

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Think about calling in June or July. This allows financial aid offices time to account for students who have declined their financial aid packages

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