Financial Aid; How and When to Negotiate

Parents and students often ask if it is possible to negotiiate with a college to improve the initial financial aid package they have been offered.

The answer is "yes" for some, and "no" for others, depending on a number of variables.

It is true, however, that it may be possible to wind up with an improved scholarship or financial aid package after an exchange with an admissions or financial aid staff member.

To apply for financial aid, students most complete and submit a federal financial aid form (FAFSA) which consists of questions about family assets (including savings and investments) and earnings. Some colleges, primarily privates, ask students to complete a second such form.

It is the information therein collected that enables colleges to get a picture of a student's financial need. While not all aid requires financial need, federal grants and subsidized loans do. And, federal funds may not be used to award students dollars in excess of their demonstrated need.

Therefore, the only way to get an increase in the amount of federal aid offered to you in your initial financial aid award letter is to convince a financial aid officer that there has been a significant change in your financial standing since the submission of your FAFSA or that there are special circumstances not reflected in your FAFSA answers. If you can prove what you say, you will have a chance.

Institutional financial aid, however, can be a different story. Individual colleges and universities can offer you grants and scholarships even if you have no financial need. But, not all choose to do so. The very most selective colleges tend to offer money only to those with demonstrable financial need (and meet the full need of all students).

Many colleges, especially privates not in the highest tiers, have created well funded scholarship programs designed to help them enroll students who, without a scholarship as a difference maker, might choose a more selective or lower priced alternative. These colleges tend to be especially happy to offer no-need scholarships to students of high achievement and potential.

Therefore, students admitted to such colleges might very well be able to meet with an admissions counselor and come away with additional funds if they can demonstrate that attending the college in question would be a financial stretch or that their other college options are significantly less expensive. Note that this kind of conversation should be held with an admissions counselor, not a financial aid counselor.

Do not think of a request for more aid as a negotiation, and do not approach it as such. Instead, ask an admissions officer (counselor, director, or dean) for help...help that will enable the student to attend the college without creating severe hardship for his or her family. If you have a good case to make...if you can demonstrate that the financial aid package offered to you puts a college or university out of reach, you may well get the additional aid you need.

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Daniel Kane, a university Dean, has created and maintains websites on online colleges and online college degrees .
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