How To negotiate Financial Aid
As a college counselor, I understand that the cost of attending college can be a significant burden for many families. Financial aid packages are not set in stone, and students can negotiate for more aid if they have new circumstances in their life that affect their ability to pay for college. Here are some tips to help students renegotiate scholarships and their financial aid package to help them get the best possible outcome:
Understand the Fine Print: Start by understanding your financial aid award letter and package. Review the award letter carefully and make sure you understand the terms and conditions of the aid you've been offered, if it's merit based aid, an athletic scholarship, etc.
Research the College's Policies on Financial Aid Appeals: Some schools have specific procedures for appealing financial aid decisions, so make sure you understand the process before you begin. Financial aid administrators do not like the term “negotiate” because they think that their financial aid offers are based on objective criteria and therefore not subject to negotiation2. However, students can still send an appeal letter to provide additional information to support their request for more aid.
Contact the Financial Aid Office: Ask for a conversation with the financial aid office to understand how your aid package was organized. There you can ask questions about the process and provide additional information in preparation to appeal for more aid.
Extenuating Circumstances: Determine if there are any special circumstances that may have affected a family member that change your family's financial situation, such as job loss or unexpected medical expenses since your initial application was submitted. If so, consider writing a letter to the financial aid office explaining your situation and requesting a review of your aid package.
Document: Be prepared to provide supporting documentation in line with your appeal. This may include tax returns, pay stubs, or medical bills.
Be polite and professional: Approach your communication with the financial aid office as a calm and kind discussion. Remember that they are there to help you, and a positive attitude can go a long way especially when others are being demanding, angry or upset.
Use effective language: When negotiating your financial aid package, it is important to use effective language. According to college finance educator Shannon Vasconcelos, using phrases such as “I was hoping for more aid” or “I am concerned about my ability to pay for college” can be effective.
Be persistent: Negotiating your financial aid package can be a lengthy process, and it is important to be persistent. If your initial request for more aid is denied, you can continue to provide additional information and appeal the decision.
Research Other Funding Options: Consider other sources of financial aid, such as scholarships or grants, that may be available to you. Your college counselor can help you identify these opportunities and guide you through the application process.
Remember, negotiating your financial aid package is not a guarantee of additional aid, but it's worth the effort if you believe you have a strong case. With careful preparation and a positive attitude, you can increase your chances of getting the financial support you need to achieve your academic goals.
By following these tips, students can negotiate their financial aid package and receive the best possible offer to help them pay for college. It is also important for students to meet with high school counselors about college financial aid, as research shows that students who meet with counselors are more likely to fill out the Free Application for Federal Student Aid and receive need-based grants. Reach out to College Flight Path for all of your application, scholarship, and financial aid needs.
To learn more about negotiating for financial aid or any other related topics, email hello@collegeflightpath.com or book a free 15-minute call.
