So you have heard that other students are negotiating for more financial aid. But how are they doing it? Here are three reasons that students are successfully negotiating for more financial aid.
1. Explain the Underlying Financial Reason
If your parents have faced a job loss or income reduction, then it’s time to share this information with the college’s financial aid office. Likewise, if your household has medical or disability expenses, are paying for elementary or secondary school tuition for siblings, or faced some unexpected financial expenses, then be prepared to share the details. When you approach the college, be certain to provide a brief explanation, itemize the costs and supply copies of example invoices, unemployment benefits, termination letters, etc.
2. Show How Much Another College Offered
Send a copy of the aid offer or merit award notification from the rival college to the college you really want to go to. Attach a supporting letter explaining how their college is your number one choice, but you need more money to make it a financial fit.
Pro Tip: Ensure you are comparing apples with apples. When you try to negotiate, don’t just use the roll up number of the total of the
gift aid (scholarships and grants). Make certain that you calculate the
net price of your top choice college vs. the rival college. To help calculate each net price, use the first step in
Quatromoney’s college finance planner.
3. Demonstrate Your Commitment to Academics
You know that some of your friends have senioritis, but you have been working your tail off to get good grades. Remind the admissions committee at your top college choice that you are focused on your academics in order to help you succeed at their college. Send report cards, additional letters of recommendation, and anything else that supports your academic focus.
Warning: Remember that not all colleges negotiate. If a college only offers need-based financial aid like Amherst College, Pomona College, and Yale University, they may only reconsider a financial aid offer if there is a change in circumstances.
What to Write
When you ask for more financial aid, be polite and specific. Hard bargaining tactics don’t work well at colleges. Please and thank yous make the college administrators reviewing your case feel respected.
If a college costs $50,000 and they only gave you $5,000, don’t ask for $30,000 more. Asking for a specific and realistic amount of additional aid makes the negotiation feel more doable than just asking for “more” or an unreasonable amount.
Final Thoughts
Be prepared that you may not get what you want. Some colleges may be tapped out of gift aid. Others may offer you some more scholarships or grants but also add
work-study or more student loans. And still others may give you exactly what you want.
Colleen Krumwiede
Co-Founder & Chief Marketing Officer
Colleen MacDonald Krumwiede is a financial aid and paying for college expert with over a decade of financial aid experience at Stanford GSB, Caltech, and Pomona College and another decade at educational finance and technology companies servicing higher education. She guides go-to-market strategy and product development at Quatromoney to transform the way families afford college.
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