Need Based Aid/Letter of Intent

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
SpaceLitigator
Posts: 4
Joined: Tue Aug 03, 2010 4:20 pm

Need Based Aid/Letter of Intent

Postby SpaceLitigator » Wed Jan 05, 2011 5:24 pm

I have been accepted at a school that intend to enroll in. I also plan on applying for financial aid -- the school does indicate they provide need based aid even though it doesn't make most of the lists I've seen here.

My question is -- would my returning the letter of intent prior to submitting for need based grants negatively impact my likelihood of receiving one of these grants?

SpaceLitigator
Posts: 4
Joined: Tue Aug 03, 2010 4:20 pm

Re: Need Based Aid/Letter of Intent

Postby SpaceLitigator » Fri Jan 07, 2011 10:10 am

Anyone?

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T6Hopeful
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Joined: Thu Jun 10, 2010 6:30 pm

Re: Need Based Aid/Letter of Intent

Postby T6Hopeful » Fri Jan 07, 2011 7:43 pm

I'm not sure of your question, but you were (assumedly) accepted under a non-binding decision program. So why not wait to enroll anyway (while filling out your aid request immediately)? This way if you applied to other schools you can wait for their offers and use them to negotiate.

SpaceLitigator
Posts: 4
Joined: Tue Aug 03, 2010 4:20 pm

Re: Need Based Aid/Letter of Intent

Postby SpaceLitigator » Fri Jan 07, 2011 11:52 pm

Schools will renegotiate based on other offers?

You are correct, I was accepted under non-binding terms, but I do intend to enroll in the school anyway.

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T6Hopeful
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Re: Need Based Aid/Letter of Intent

Postby T6Hopeful » Sat Jan 08, 2011 2:38 am

SpaceLitigator wrote:Schools will renegotiate based on other offers?

You are correct, I was accepted under non-binding terms, but I do intend to enroll in the school anyway.

Well it depends on the school but many times they will renegotiate on other offers. Of course, the strongest leverage comes from peer or better schools (although what constitutes this is hard to say), although lesser schools can still sway things with big money.

They may not necessarily renegotiate a NEED-based offer, but what I was suggesting is that you should leverage for additional MERIT aid.
It may be a noble thing to do to enroll in your school and withdraw from your others, but similarly, the school may decide if you enroll now that they will not give you any merit money, as there's no reason to draw you away from any other schools. So, in your best financial interest, you may want to wait. There's no harm in waiting (within reason).




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