Tuesday, January 15, 2008

'Professional judgment’ could be password for more college money

[As published in the Kansas City Star, Saturday, January 12, 2008]

Wouldn’t it be great if you could whisper a secret financial aid password at just the right moment and suddenly get a much better college deal?

What if knowing just how to use these magical words could help you sidestep rigid financial aid rules and “supersize” your award package by thousands or even tens of thousands of dollars?

Listen closely: The password is “professional judgment.”

To the eager ears of college financial aid officers, these two simple words carry considerable weight: They invoke the authority that has been granted to college officials by the federal government to make financial aid adjustments on a case-by-case basis.

Are your family’s special circumstances not fully addressed in the financial aid formulas? Have any aspects of your finances changed since the date you submitted your forms? If so, you’re a great candidate for a professional judgment adjustment that can reduce what you’re expected to pay and boost your financial aid award.

To give you a better idea of what I’m talking about, here are just a few of the special family circumstances that can help you build a compelling professional judgment case:
  • One-time taxable income: If you’ve received extra income because of a family inheritance, insurance settlement or employment bonus, then this one-time windfall may overshadow your family’s regular annual income.
  • Fluctuating job income: If your family’s income was unusually high because of factors that are not likely to recur (such as the availability of significant overtime wages or special sales commissions), then the income listed on your aid forms may overstate your family’s true ability to pay.
  • Noteworthy expenses: If your family bears the burden of high medical, dental or elder-care or child-care bills, then such expenses should be factored into the equation even though they are largely ignored by financial aid formulas.
  • Parents enrolled in college: If a parent is attending college to pursue a degree — especially for career advancement or a change in career path — then this is equivalent to having another sibling enrolled in college at the same time.
  • Private school tuition: Families with younger siblings who attend private elementary or secondary schools clearly have significant tuition expenses that are overlooked in the financial aid formulas.
Regardless of your specific circumstances, the key to leveraging professional judgment is to provide credible documentation. If you have high medical or dental expenses, for instance, provide copies of the bills. If your employment income last year was unusually high, supply tax returns from the prior three years as evidence.
Once you’ve received a college’s initial financial aid award letter, here’s what you do: Call to make an appointment with the financial aid administrator assigned to your case. Confidently drop the words “professional judgment” into the conversation. Explain that you would like to send some background documentation prior to your appointment to help the administrator gain a better understanding of your unique situation.


If you do this, your chances of success are quite good. According to a recent study, about half of all professional judgment reviews resulted in a financial aid increase. If you follow all of the above guidelines to clearly document and structure your argument, your odds will be even better.

How much additional college dough might you get?

It depends on your situation, but I’ve actually witnessed a family gain an extra $30,000 in financial aid.
If good fortune like this falls into your lap, you probably won’t want to just whisper the secret password. So go ahead — shout out, “Professional judgment rocks!” all the way to the bank.