By now, many of you are puzzling over financial aid offers and comparison shopping among schools. Here’s something you may not know: In some circumstances, you can negotiate to get a more generous package. This column features what you need to know.
But first, a little Story Time With Uncle Olivier.
My parents’ longstanding employment at a college unlocked thousands of dollars in tuition benefits for my undergraduate education. Standardized tests and a bit of pluck knocked tens of thousands of dollars off my grad school bill.
I could not negotiate the former. It was simply part of my parents’ benefits package.
But I did negotiate the latter. I was admitted to three graduate programs. One of them (not my dream program, but a very solid option) coupled its “yes” with a fairly sizable grant offer that it explained was tied to my GRE scores. So I went to a second school and said, “Hey, School 1 is offering me this. Can you match or exceed it?”
School 2 exceeded School 1’s offer. I took that second bid to my dream school and said I really wanted to attend but that obviously cost was a factor. It quickly offered to match School 2. Over two years, my savings ran in the low tens of thousands.
The point is: Their first offer may also be their final one, but you won’t know unless you push. And few students pay the full sticker price. In the 2019-2020 school year, about 16% at private four-year colleges paid full freight, down from about 29% in the 1995-1996 school year, according to a report from the National Association of College and University Business Officers.
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Our Expert Weighs In
Mindful that my experience is decades old, I turned to my colleague Jess Klein, a financial aid team captain at CollegeAdvisor, a U.S. News company.
“Negotiating a financial aid award will depend greatly on the kind of financial aid a family was initially awarded, if any,” Klein says.
If your family did not qualify for financial aid but your applicant got a merit scholarship at one school, they can use that award as “a leveraging tool” for other schools, by sending an appeal letter to each institution, she says.
“The appeal letter should detail the merit scholarships awarded, and formally ask the school to reconsider their merit aid decision, or increase the amount of merit aid awarded,” Klein explains. “Families can use the same letter for multiple schools; they just want to be careful to change any school specific references.”
If an applicant scored need-based assistance, an appeal would likely rest on a change in financial circumstances, detailed in an appeal letter to each school’s financial aid office, Klein says.
While you can send the same appeal letter to different schools, many institutions have unique appeal forms. The appeal letter should describe the change in financial circumstances – and be prepared to submit documentation to buttress the appeal.
“For any family looking to appeal a merit decision, or need-based financial aid, I recommend that they first connect with the school/college to inquire about the appeals process, as this can vary school to school,” Klein explains. “Some schools also do not consider merit appeals, so it’s a good idea for families to get a sense of which schools would consider appeals and which would not.”
So: Get organized, get familiar, get moving and (maybe) get yourself more money!
