Seniors will receive the remainder of their admission decisions by the end of this month (March). Included in these admissions decisions will be financial aid award letters that will let parents and students know how much they are responsible to pay after scholarships, grants and loans are factored in. This bottom line number of what you are responsible to pay most likely will factor into which college you choose to attend. Can you negotiate this amount? This answer is “yes” for most colleges. Colleges that tend not to be willing to negotiate are in-state public universities since you are already paying in-state tuition. Most colleges, however, are businesses and since you are their customer, there may be some wiggle room to negotiate your college tuition.
There are two criteria that can determine whether you should appeal your financial aid package.
- If your family’s financial picture has changed since you submitted your FAFSA (e.g. a parent lost his/her job, a family member became ill). This could constitute as a change in status and would definitely give you reason to appeal.
- The college really wants you. You can definitively say to one or two colleges, ‘Here are the other offers I’m considering. Would you consider increasing your reward/matching?’ Students should not do this for every college, but make a concerted effort with your top choice.
“Do Not Jump The Gun”
“[College] is the biggest financial decision of your life. You can start “negotiating” your tuition as soon as you get your acceptance letters and your award packages. We really recommend that you do not jump the gun and immediately commit to a school because then you’ve really lost your negotiating power,” says NextGenVest founder and CEO Kelly Peeler.
She emphasizes that the best way to correspond with a financial aid office is via email, and the content should be detailed and specific, explaining how you would add value to the college and why that college is a good match for you. Students should follow up if the school doesn’t respond within 10 days.
While there’s no guarantee that you’ll get more money from a school, students and families often don’t know that a university actually has more resources than it offers.
“Financial aid is a pie — it’s not limitless and there’s a finite amount of resources,” said Peeler. “You have to be proactive, you always have to ask. In any given semester a university might under allocate the amount of financial aid that they might initially give out.”
I understand that deciding where to attend can be difficult and stressful but keep in mind that God already knows and has a plan to use you for his glory wherever you will be attending. I think it is wise to be good stewards of the resources he has provided for us and our decision of where to attend should reflect this. The age old saying, “it never hurts to ask” applies here because if they say “no”, you can take solace in the fact that you tried.