Reecy Aresty successfully appeals for more financial aid – again!
Boca Raton, FL – It’s that time of year again when colleges send out financial aid offers, some full, some empty. But whatever the case, there’s almost always some room for improvement. Case 1:
A freshman at Tulane whose parents hired Reecy 2 years ago, but then decided not to use his services or expertise at financial aid time and paid the full tuition and related costs for school year 2008-2009. The recession affects the family, and they are hard pressed, but pay the 1st semester bill for 2009-2010 of $27,000.
Enter the financially devastated father who calls Reecy for help and explains their dire financial situation. At the end of the call, he mentions that he had just mailed Tulane another $27,000 check for semester 2!
Based on Reecy’s assessment of the situation, he recommends the following:
1. Call the school immediately and tell the Bursar’s Office not to deposit the check 2. Immediately complete the FAFSA and CSS Financial Aid Profile to get the family in the financial aid system for 2009-2010 and 2010-2011
3. Write a detailed appeal letter explaining the family’s riches to rags story
4. Have the 2009 tax returns completed and sent to the school ASAP
5. Reposition the student’s assets into a tax deferred annuity to increase financial aid by $2,000/yr
Once all the above tasks were completed, and there had been a few brief conversations with the financial aid office, an offer was finally received. The school waived the second semester bill, and there was an actually a $2,000 credit for the 1st semester. Aid consisted of the following:
Tulane Scholarship – $16,000
Pell Grant - 2,600
SEOG - 2,000
Stafford Loans - 6,500
Perkins Loan - 2,500
TOTAL $29,600
We anxiously await the 2010-2011 aid offer!
Not bad for a fee of <$1,000, but it’s all in knowing how to legally play the financial aid game.
Reecy Aresty has been in financial aid trench warfare over 31 years. Why not trust your unappealing offers to a pro with skills few can match.
