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Students may not receive equal amounts of financial aid or even the same mix of financial aid programs from all colleges. It is important to carefully review award letters and ask the financial aid office to clarify any details that are not clear. For example if the student receives a scholarship it would be important to know whether the scholarship aid is renewable each year and if there is any specific renewal criteria attached to the scholarship. It s important to know that each college sets its own qualifications and criteria for merit based aid and that scholarship levels vary greatly from one college to another.
Eligibility requirements and criteria are published at If borrowers do not qualify for loan modification or mortgage refinance through Making Home Affordable programs they may qualify for the foreclosure alternatives program. This program allows borrowers to enter into a short sale or deed in lieu of foreclosure agreement to obtain financial relief. It is important for borrowers to conduct research and determine available home loan options. In addition to loan modifications mortgage refinancing and short selling borrowers might qualify for a forbearance agreement or deed in lieu of foreclosure.
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Although you should write a brief letter you should still be able to detail your financial information and other related factors. This is so the person reading your letter can easily grasp your situation. Including your financial documents with your hardship letter is also advised so that you can have sufficient basis for your claims of hardship. Examples of these documents are cash flow statements bank statements income tax statements invoices etc. 5. Clearly identify your request. In the first paragraph of your hardship letter or in the subject line specify your appeal. Make sure that you also reiterate your request all throughout the letter so that you don t lose tract of your letter s primary purpose. 6. Be modest and grateful. You have to remember that you are writing a financial hardship letter and that you are in need of their assistance. You have to be humble enough to admit that you are having financial difficulties and that you would greatly appreciate their help. Keep in mind that the loan modification is your last chance to saving your home. Do not forget to be courteous and to sincerely thank in advance your lender for considering your situation.
It s important to know that each college sets its own qualifications and criteria for merit based aid and that scholarship levels vary greatly from one college to another. It is also essential to note that merit scholarships may or may not be renewable or their continuation may be based on maintaining a certain grade point average (GPA) so be sure to take note of the specific award criterion if receiving a merit award. When formulating an overall financial plan it is important to understand the particulars of any merit awards. It would be a huge disappointment and financial setback if a student planned on a merit award for four years and then found out that the merit aid was only available for the first year.