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Connecticut Parents: 23 Insider Tips To Evaluate A Financial Aid Awards From Connecticut Colleges
Most parents are so excited that they made it through the first step of applying for Connecticut colleges, filling out the forms and getting a financial aid package that they don't even know how to tell a good financial aid package from a bad financial aid package.
March 06, 2008
By Chris Rivers
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Most parents are so excited that they made it through the first step of applying for Connecticut colleges, filling out the forms and getting a financial aid package that they don't even know how to tell a good financial aid package from a bad financial aid package. Here are 23 of my top tips to help you navigate a financial aid awards package from a Connecticut college.
Check the deadline date for acceptance of the award letter. Check the EFC on the award letter with the EFC shown on the Student Aid Report (SAR) in order to check the accuracy of EFC shown on the award letter. Make sure the “true COA” for Connecticut colleges is indicated on the award letter. If a COA is not shown or it appears to leave out some costs, determine the “true COA” by knowing your Federal PLUS loan eligibility and then computing the “true COA.” Don’t consider Federal PLUS loans or Unsubsidized Stafford loans as financial aid. Remember that loans are loans. Determine which parts of the award letter could be accepted, denied, or appealed by meeting with a Connecticut admissions counseling professional or a Connecticut college consultant. Determine if the grant and scholarship aid is renewable and what are the criteria for renewal (e.g., What GPA is required for renewal?). If a Connecticut college has an acceptance deadline that cannot be met, the you should ask for an extension of time, and if the college will not grant an extension of time, then you should sign and accept the award letter. This will safeguard the award. Accepting an award letter does not commit the student to attending the Connecticut college. Accepting an award letter does not prevent you from filing a future appeal of the award letter. If a Connecticut college reduces the award in future years, the you should threaten the college with the plan to transfer to another college. Sometimes colleges will give “retention scholarships” to keep the student. When all the award letters have been received, your Connecticut college consultant should compare them to determine the best award. The amounts on the award letter should be compared to the percentage of need met, percentage of gift-aid, and percentage of self-help aid that the college advertises. If the amounts are not what the college advertises, the award letter should be appealed to the FAO. If the award letter does not meet the expectations of the family, it should be appealed to the FAO. If the Connecticut family has “special circumstances” that have not been considered by the FAO, the award letter should be appealed to the FAO. Determine how "Connecticut private scholarships" are handled. Do they reduce grants or loan in the award letter?
These are the top 15 insider tips and strategies for Connecticut parents of college bound students can use to evaluate financial aid offers.
For more insider tips, strategies and secrets click the link below. Connecticut parents find out how to send your child to the school of his or her dreams…without getting trapped in a financial nightmare of high rate, high payment, expensive debt! Click Here. Find out the single biggest mistake 9 out of 10 parents make when applying for aid to Connecticut Colleges that literally cost them thousands of dollars! More importantly, how to avoid this fatal error! Click Here. How to double, or in some cases triple, your eligibility for FREE grant money for Connecticut Colleges. even if you are dead broke or a millionaire making a good six figure income .
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