Negotiating Financial Aid Offers – It Can Be Done!
If you had asked me if it were possible to negotiate your financial aid package prior to my experience working with students admitted to the University of Pennsylvania’s M&T Program, I would have said no. My reasoning would have been, these students are the best and the brightest, they are admitted to the best schools across the country and world, why would Penn not lead with their strongest aid packages? During my tenure with the M&T Program, we lost students because of financial aid. To address this challenge, I established a relationship with the Director of Student Financial Services and encouraged them to lead with their most comprehensive aid packages for this elite group of students. I also counseled our admitted students to address aid package discrepancies with their Financial Aid Advisor.
Here are some tips I learned over the years. Hopefully they will assist you and your family with selecting the best institution of higher education available to your child based on their academic needs and your family’s financial resources.
· If you are an international student and you require aid to attend the university you are applying to, apply for foreign financial aid from the start. I worked with several international students who did not apply for foreign financial aid initially and upon admission sought financial support. Financial aid for international students is limited in comparison to domestic students but I am not aware of an international student, who successfully lobbied for aid after admission.
· If your child is most interested in attending X university and your child received stronger aid packages from Y and Z universities, you can use these more generous aid offers to your advantage. As soon as you receive your aid packages, reach out to the Financial Services Office at your child’s preferred university. Request a time to discuss your child’s aid package. During this meeting, you should inquire nicely about how the aid package was created and provide any additional aid offers your child has received. It is also helpful to disclose any new financial information pertaining to your family’s finances since new information might have arisen since submission.
o It is important to note, some schools may only consider financial aid offers from colleges and universities they consider to be peer institutions in regard to academic rigor and/or how they allocate financial aid.
o If your child is offered an athletic scholarship to a specific university and their dream school does not offer athletic scholarships, it might be beneficial to reach out to the coach and explain your financial situation. The coach could be an advocate to help you secure more aid, but it is unlikely the aid package will come into alignment with an athletic scholarship provided by the other institution.
· If your family does not qualify for financial aid and has the means to cover all four years of tuition up front, reach out to your child’s dream school to determine if there is a discount for paying for four years of tuition up front. Typically, schools will lock in tuition and fees based on freshmen year rates allowing you to avoid three years of tuition and fee increases. This may be an attractive option when markets are volatile and not as an attractive option when interest rates are strong and markets are stable. This may also not be a good option if you will have additional children entering university and/or you plan to retire over the next four years since these scenarios could effect your ability to seek and secure aid.
· It is possible to ask Admissions Offices for additional time to make your commitment decision while aid packages are being reviewed. I have seen students receive an extra week to 10 days to make their decision while Financial Aid Officers are reviewing their packages in light of other offers and/or new information.
Here are some more articles with in-depth tips on this topic, scholarships, universities delaying acceptance deadlines, and virtual college tours:
How to Negotiate for More College Financial Aid
How To Appeal Your Financial Aid Offer And Get More Money: A Step-By-Step Guide
5 Steps to Negotiate College Tuition and Save Thousands of Dollars
A Student’s Guide to Your First Year at College: How Do I Pay for College?
Pros, Cons of Paying for Scholarship Help
Here’s a list of colleges postponing the deadline to accept admission offers because of coronavirus
How to Make the Most of Virtual College Tours
College and universities offering virtual tours
Negotiating for additional aid will result in one of two outcomes: your aid package remains the same or your aid package increases. You have nothing to lose except a little time. Why not try?
Congratulations on your acceptance offers and good luck with your aid negotiations!