FAP793: Writing effective cover letters that sell

May 8, 2008 @ Financial Aid Podcast Daily Free Internet Radio On Demand from financialaidpodcast@gmail.com (Christopher S. Penn )

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Student Financial Aid News
+ Yesterday we did a special on HR 5715 - make sure you grab the PDF!
+ Inside Higher Ed: All the turmoil in the student loan industry has plenty of lenders and others worried, but you don’t need to lose sleep over Sallie Mae (ticker: SLM). An analysis released Tuesday by Lehman Brothers (ticker: LEH) predicts gains for the student loan giant. With other players leaving the field and the government now worried about keeping entities in lending, Sallie Mae should see its market share and profitability both grow, Lehman Brothers says. A survey released Monday by the Federal Reserve, meanwhile, finds that a majority of the nation’s leading banks said they expected to decrease their commitments to making federal student loans in 2008 compared to 2007, and most said they expected a decline in the number of colleges to whose students they make loans.
+ Chronicle: Not long ago, forecasts for state appropriations to higher education were gloomy, as the credit crisis, a slumping housing market, rising energy costs and unemployment, and sagging consumer confidence took their toll on state finances.
+ But the budget news emerging from many statehouses for colleges and universities has been better than expected. In many states, higher education has been spared the deep cuts being required of other state agencies. In some states, lawmakers are even providing increases.

Scholarship Update
+ National Financial Literacy Challenge
+ On January 22, 2008, President Bush signed an Executive Order establishing the President’s Advisory Council on Financial Literacy. The Council members held their first meeting in February. One of their initial recommendations was to focus on increasing financial education for young people. The National Financial Literacy Challenge is a recognition program that uses a voluntary, online test to determine and reward high levels of financial literacy among America’s high school students.
+ Each of the top regional performers in the 2008 National Financial Literacy Challenge will win a $2,500 scholarship for use at the post-secondary institution of their choice. A $1,000 contribution in their name will additionally be given to the school or program* that provided their money management education.
+ Deadline May 16, 2008
+ Details at our free college scholarship search site

Jobcast
+ Writing a sales-oriented cover letter
+ All cover letters are sales letters
+ The product you are selling is the skillset of you
+ What can you do that others can’t, that has value?
+ Some template ideas:
+ AIDA/PAGSSS/ABCDE
+ The reality is that most people are not great writers
+ You don’t have to be - follow one of the many formulas and formats
+ Make sure your cover letter gets delivered - many formats

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