7 Financial Aid Secrets Students Need to Know

[{"selector":"#anim-c1343f61-1b09-4403-a85b-499136e758d3","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-29f74dcc-7f00-42f7-ab63-00f82b6f1cdc","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Learn more

[{"selector":"#anim-8ca7516c-8542-4670-91be-9d5607aa41e7","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-174de2fd-557c-48b0-9f12-0787f246675f","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] As a student (or parent) it can be easy to focus solely on the college application process, and completely forget about financial aid. Learn more

[{"selector":"#anim-4317ca1b-fb74-4b32-b119-dedeb5178390","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-3ee11c45-7554-49cb-9865-96c82c4cb8b0","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] 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. Medium Brush Stroke Learn more

[{"selector":"#anim-f5cf732a-914a-48b9-ba4f-ce90aeadaaa2","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-bf91a423-efb2-4847-9dcd-e379b3fbdf87","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] 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. Learn more

1. Decision Day vs Summer Melt

[{"selector":"#anim-bca73cc4-8f64-4271-b06f-26f64fb510bd","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-7a07a661-d515-4912-bb3d-eac6c2da1cd5","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] May 1 is usually decision day, the deadline when prospective college students must decide which college they plan to attend in the fall. Learn more

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

[{"selector":"#anim-cadc7f77-3d37-4ff0-996b-4f95f057f9e4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c60fb9cc-8f6a-430c-b47a-e5415adfd205","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Another way to potentially take advantage of summer melt is to call your school’s financial aid office. Learn more

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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