So it is time for the dreaded FA appeal letter (one to a customer we were told, at least per year). We are not that hopeful, but there are a few circumstances that might get us a few more thousand per year. Some help/advice on these issues would be appreciated:
- should we flat out ask for, let’s say, 4K per year more? or just leave it up to them whatever is in their hearts LOL?
- is getting a bonus in 2014 something to appeal about, if it may not be repeated?
- how about mandatory 401k payments?
I still can’t figure that out, because my W2 definitely has my mandatory retirement contributions in the regular retirement contribution column, and that’s what we put on our taxes. But I have read that we are supposed to just “leave out” the mandatory contribution (I’d have to double-check, but it is at least 5%) on our own accord? Even though it is listed on my W2 as if it is not mandatory?
- and finally - do we provide proof of each situation as much as possible, like a copy of my spouse's last pay stub of 2014, showing bonus pay, or my state's benefits page that says my contributions to the 401k are mandatory? Or do we wait until we are asked?
I’m leaning towards asking for 4K per year, and providing proof of a one-time bonus and that my 401k contributions are mandatory and how much they are per my last 2014 paycheck. Does anyone see any issues with that? Do they like to see everything in “one place” or ask for more info if they need it?
(and - we are also leaning towards emailing a signed copy of the letter from my son’s college email address, and having him sign it, admitting that we provided him most of the information - good or bad idea?)
Trying to think like an FAO: ‘But if you already got the bonus, you have that money to go toward college, so why would ask us to not consider it?’
You got the bonus. Is your employer willing to write a letter stating this is a one time thing that won’t repeat? Do you want that to be the case?
I would try to clarify the mandatory retirement contribution. You will need to be certain and be able to document that you have no choice in making the contribution or the amount.
If it were me, I would include any information I thought important in the mailing to the financial aid folks.
Don’t ask for a certain amount. What if they otherwise would have given you more? I know someone who had fa increased by $17,000 through an appeal. There were not expecting that that at all. They thought maybe they’d get an extra $5k. Anyway, I don’t think your request has any impact. They use a formula.
Yes, I’d include the information about the 401k because to anyone else, it appears voluntary and thus money that should be available for college if only you wanted it to be. I’m pretty angry that the 401k gets added back in since the government harps on saving for retirement and then when you do, it’s considered optional; the 401k is really my only big tax break (don’t own a home), and my employer gives a very generous match, so it is foolish not to contribute and I don’t really have that money in a bank account to pay for school. The standard formula doesn’t work for your situation, so prove that by enclosing the handbook explanation.
As far as the bonus, I’d include the information. It is assumed that the amount you made in 2014 will be close in 2015. If the bonus won’t be repeated, then let them know. It can’t hurt. They already know you made that amount.
As for mentioning the specific amount, you have to do what you feel is best. I only know one other family that appealed at RPI and they got either $2000 or $4000. I don’t think you’ll be giving up a big award. If you can detail why it is you need $4000, do it. If that’s the amount you would have to borrow above the current offer, after grants, Stafford loans and savings contributions, it would make sense.
I agree with @twoinanddone about letting them know you are unable suspend the retirement contributions, and especially with the bonus.
Did you not provide this clarification on your initial application? We were told by FA officers at several schools information sessions, that additional details like these are what they are looking for and it is easier for them to have it from the get go.
I would probably not ask for a specific amount in aid - generally I think asking for a specific amount should be reserved for times when you are asking school A to match a more affordable offer from school B.
Every penny counts…so I hope this works out for your, rhandco. You previous posts indicated that you had the loan issues all worked out to pay for college. I know…sticker shock!
Like I said, I would include everything relevant in my appeal. It will save the time having the school ask for it.