How to Write a Financial Aid Statement

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How to Write a Financial Aid Statement:

How to Write a Financial Aid Statement

Instructions for use:

Instructions for use 2 The financial aid statement is a simple, short piece of writing that students may include on a financial aid letter, in an essay, or in other communications to a financial aid department. The financial aid statement may not be a full communication on its own, but rather an element of a more complex financial aid appeal. If you need to write such a statement in order to reach out to a university or college's financial aid office, follow some basic steps.

Writing a Statement of Financial Need:

Writing a Statement of Financial Need Present a picture to the financial aid committee of who you are. Describe special family circumstances, such as whether you are the first in your family to attend college. State whether you come from a disadvantaged family. Mention if you are from an ethnic group that is under-represented at the school For example, you could write the following: “My parents moved to the United States from Albania in order to give us better opportunities. As their oldest child, I will be the first in our family to attend college.”

Explain how you are currently paying for college:

Explain how you are currently paying for college  Describe your financial situation. Tell if you are currently working to support yourself. Describe other sources of support you are currently receiving, such as from your family. Provide details about any college savings that you have, such as a 529 College Savings Plan For example, write something like this: “I have worked to help support my family since I was 16 years old. Currently, I work on the weekends as a waitress to support myself. Since my parents didn’t speak English when we moved here, it was very difficult for them to support our family. My mother worked many hours as a housekeeper in a hotel. They saved what they could, but we do not have enough savings to pay for my college education." 4

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Want big impact? Use big image. 5

Justify why you are seeking aid.:

Justify why you are seeking aid. Explain the difficulties you are having meeting your needs. Describe changes in your life that have affected your ability to pay for college. For example, changes in your family’s income or unexpected expenses may have caused a financial deficit. Provide evidence that you can handle your finances responsibly. Tell how you have paid some of your tuition yourself through your own efforts. Avoid details about paying for expenses other than education, such as car loans, as this is irrelevant. For example: “My earnings from my weekend job cover my living expenses. I worked extra shifts over the summer and saved enough to pay for a portion of this year’s tuition. However, I am seeking aid for the portion of the tuition I cannot cover on my own.” 6

Describe how you would benefit from the financial aid:

Describe how you would benefit from the financial aid 7 Explain how you will make good use of the financial aid you receive. Benefits might include being able to concentrate more on studying instead of working. The financial aid may allow you to take advantage of an unpaid internship. It may even make the difference between graduating or having to drop out. For example: “Receiving financial aid will allow me to focus on my studies during the week without having to worry about earning extra money. I would continue to work on the weekends to cover my living expenses, but I would be able to keep the weekdays free to focus solely on my school work.”

Thanks!:

Thanks! Any questions? You can find me at: [email protected] best financial plan for retirement 8

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