Did you know that a college you’re interested in offering you financial aid can be negotiated? Yes, it is true, particularly if you want to attend a private or out-of-state college. This is because out-of-state universities have more money to work with for out-of-state students, who pay more for tuition than residents of the state. Private universities also have large endowments. It is essential to comprehend that your primary negotiating leverage lies in the price of tuition; other costs, such as room and board, books, and supplies, may not be movable. When it comes to the amount that students actually pay for tuition, the majority of private and out-of-state colleges offer “flexibility.” Additionally, this is where you have power.
You are now in control of your own destiny if you are evaluating the financial aid packages from a number of colleges. You now have information regarding the colleges that are interested in you and can select the one that will provide you with the most academic and financial benefits. Follow the steps here to find the college or schools that interest you most and then contact them to see if you can negotiate more scholarships and financial aid to lower your out-of-pocket costs.
Do students actually try to improve their financial aid applications?
This information is not made public on colleges’ websites, but savvy students like you know how much they are worth and can negotiate their financial aid offers! You can, too; however, you will need to represent yourself to the office of financial aid. You will need to do one of the following in order to accomplish this: Make a request for a scholarship or a reduction in tuition. To appeal your offer of financial aid, you must complete a formal appeals process. We’ll go over both approaches below so you can figure out which one is best for you.
Get Organized
Getting organized is the first step, regardless of the method you choose. By showing up unannounced at the college’s financial aid office, no one makes a convincing case. Instead, be ready with the necessary documents to support your request and make it appear more legitimate. This is discussed further in the post. Getting organized involves determining how much money you can spend. Check out the college’s sticker price, or total cost of attendance, on its website. Next, examine the college’s offer of financial aid and scholarships and subtract any grants and scholarships listed on the offer from the total cost of attendance. Loans shouldn’t be deducted because they are debts that come with interest and are therefore included in your out-of-pocket expenses. Next, if you and/or your family have saved money for your college, deduct what has been saved and earmarked for your first year of college. Additional scholarships, discounts on tuition, or income from a job will need to be used to cover the remaining balance.
Example:
Let’s say the college offers you a $5000 Pell Grant and $10,000 in scholarships, and the total annual cost of attendance is $50,000. For your freshman year, they gave you student loans totaling $5,500, and they gave your parents a $29,500 Parent Plus Loan. In this instance, you provided loans for the remaining $15,000 in addition to the $15,000 in “free money.” As a result, you and your family would have to pay $35,000 in out-of-pocket expenses. Also, suppose your parents have saved $10,000 and you have saved $2,500 for your freshman year of college. That brings the total amount you need to pay for your first year of college down to $22,500, which is a significant sum. In order to bring the cost down to a level that can be managed, you absolutely need to apply for additional scholarships if you really want to attend this college. Next, it’s always a good idea to look into any institutional scholarships that other students at the same college have received to lower their tuition costs. You can estimate how much more you might be able to get through the aid negotiation process at that school if you know what other students have negotiated for their tuition prices.
Option 1: Making a Request for Additional Scholarships or a Discount on Tuition
Step One:
Make Your Case Why should your tuition be reduced by the college?
There could be a number of reasons:
Financial Need: The FAFSA is based on your family’s financial situation two years ago, which may look very different now. This could be because of a sick family member or unpaid medical bills, unemployment, a family death, rising inflation, or other factors. It’s possible that your family’s business hasn’t been as successful as it was in the past. Or perhaps a recent natural disaster, such as a hurricane, wildfire, flood, or tornado, caused damage or destroyed your family’s home.
Special Achievement: Are you good at sports or school? Have you been given any awards or honors? You might be able to use these accomplishments to persuade the college that you are worth their money. Request to Change Your Dependency Status: If you have exceptional circumstances that support your request to change your FAFSA filing status to “Independent” rather than “Dependent,” you can do so by submitting a If you are “dependent,” you might be able to get scholarships and aid based on need that you wouldn’t normally be able to get. You can ask the college’s financial aid advisor about your unique circumstances and what you need to provide to support this request. Situations that might be eligible for a change in dependency status include: You are homeless or at risk of becoming homeless. Keep in mind that you are considered homeless or at risk of becoming homeless if you are a student who “couch-surfs,” stays in your car, or stays with a variety of friends or family members because you are unable to live with your family. You live in a family that treats you badly. Parent or guardian is in jail or another institution. Legal action is required because your house is not suitable. severe alienation from one’s parents Mental incapacitation of a parent or guardian Parental or guardian passing away
Step 2:
Arrange a Meeting It is time to arrange a face-to-face or online meeting with a financial aid officer after organizing yourself and building your case. Contact the financial aid office at your school and identify the appropriate contact to set up a meeting. Ask if you can set up a meeting to talk about your offer of financial aid.
Step 3:
Have Self-assurance In the end, the college wants your business because you are a customer. Believe in your own abilities and that you are deserving of a second scholarship or reduced tuition. Knowing what you can offer the school is part of confidence. Do you excel in a sport or have a high GPA? Are you involved in activities outside of school? You are more likely to persuade the college that you will be an asset to their student body if you can present yourself as well-rounded. Be confident in your case and the reasons why you should be offered additional financial aid and scholarships if you have a financial need or believe that your offer of financial aid should be reconsidered because you should be reclassified as an independent student. Let’s get down to the nitty-gritty of negotiating your college tuition: meeting with a financial aid officer now that you’re organized and confident. Meet with a Financial Aid Officer.
Step 4:
Bring any supporting documents and materials with you to your meeting, such as recent pay stubs, proof of a recent job loss, a death certificate to prove a parent’s death, and so on, to demonstrate how your situation has changed. You will need to have documentation ready to hand over to the financial aid office if you want to show that your personal or financial situation has changed. Additionally, you should have proof of your accomplishments, such as your most recent transcript, honors and awards, etc., to back up your request. Attend the meeting with your parents or guardians if you can. Bring evidence to support your claim to be an independent student if you are submitting a request to change your dependency status. A letter from a therapist or school counselor, a police report detailing circumstances that necessitated legal intervention, and so on are all examples of supporting documentation. During the meeting, be respectful and honest about your situation, and state clearly why you feel that your financial aid offer should be re-evaluated, enabling you to receive additional financial aid or scholarships. Don’t sound entitled; just because you think you need or want more money doesn’t mean the college should give it to you. The financial aid officer will need to see a reason that makes sense to you. You will need to provide one.
Option 2: Make a Financial Aid Decision Appealable
The next way to cut down on your college costs is to appeal an award of financial aid. You can try to appeal the financial aid you received if it is insufficient. To appeal an award of financial aid, first contact the financial aid office and inquire about the appeals procedure. In most cases, you will need to fill out an official form and then provide evidence to back up your belief that your offer of financial aid should be changed. That “evidence” will typically consist of a letter or personal statement outlining your circumstance. A sample letter is provided below.