How Do I Write a Financial Assistance Letter?
There are two different situations in which you might need to write a financial assistance letter, either to request help in paying tuition for a school or camp or to ask for an adjustment to your mortgage to avoid foreclosure. In either situation, the letter should be in traditional business letter format. The body of the letter should clearly state your current financial situation; what caused the hardship; and what you would like the school, camp, or mortgage company to do about it. If possible, you should include financial statements or other paperwork that proves your claim of financial hardship.
Before you begin writing your financial assistance letter, find out the name and title of the person you are writing to. If writing to a school or camp, call the financial assistance office to get these details. Your mortgage paperwork or foreclosure notice should have the name of a representative to whom your letter can be directed. Writing the letter to a specific person shows you did your research and makes it more likely that the letter will reach the intended recipient.
In the first paragraph, you should state who you are and why you are writing a financial assistance letter. Do not go into detail yet. Just give a brief overview of your reasons for needing assistance. For example, you could write, "My parent is in the hospital," or "The change in our variable interest rate has made us unable to afford our mortgage payment." Finally, explain what you want the person to do to help you.
Depending on which type of financial assistance letter you are writing, you should use the second paragraph to either explain how you got into this financial situation or describe why you feel you deserve tuition assistance. If you are asking for help with your mortgage, explain what caused you to fall behind. Make it clear that you intend to pay what you can but are unable to make the full payments. Explain when and if you expect your financial situation to improve.
If asking for tuition assistance, explain why you want to go to this particular school or camp. Mention the programs and services that attracted you. Describe how you think the school or camp can benefit from having you there and how you will benefit from going.
In the closing paragraph, thank the addressee for his or her time and consideration. If you have included any financial statements or other documents with your letter, let the person know what they are. This will be particularly helpful if the two get separated after the letter has been opened.
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