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How to Negotiate with Colleges for More Financial Aid


Attending college takes a lot of money. Even state schools frequently leave students with a need for student loans, scholarships, and other types of financial aid. After you identify the schools you want to attend, a final decision may come down to who gives you the most financial assistance. Before you accept an initial offer, understand that you can negotiate for more successfully.

Is it Possible to Negotiate Tuition and Financial Aid?

The short answer is: yes. Although you don't negotiate with colleges in the same way that you do for a used car. In fact, colleges prefer that you use the term "ask for a reassessment" instead of "negotiating." The financial aid process involves a lot of paperwork, proof documentation, and waiting around for decisions. If the amount a college offers is insufficient to attend classes there, you still have hope of affording that school.

Now more than ever before, institutions of higher learning consider reassessments because they want to maximize the number of students attending. Due to Covid and economic factors, college enrollment has decreased by over 560,000 students in the past year. Universities know they need to attract more quality students and that offering more financial aid is a way to do so.

Top Negotiation (Reassessment) Tips to Increase Financial Aid

Now that you know it is possible, how do you go about asking for and receiving extra financial aid from your target colleges? These tips are the most recommended and the most successful.

Share Your Affordable Budget

If the initial financial aid package comes up short, you can appeal that decision in an attempt to get more. Share exactly what you and your family can afford to pay for a year's worth of education and room and board if applicable. Have clear documents outlining your savings, outside scholarships and student loans, and other funding sources.

The letter and paperwork supporting your request or appeal should outline any special or changed circumstances that make extra aid so important. These can include things like lost employment due to Covid 19 shutdowns, the death of a supporting family member, change in marital status, expensive health care needs, difficulties due to a natural disaster, and other serious and unexpected circumstances.

Mention Other College Offers

Ask for merit-based scholarships and increased aid by demonstrating that other colleges value you highly. Award letters from other schools may influence your financial aid or tuition offices to make you a better deal. This is especially true if you also have other proof of your value like high third-quarter grades, standardized test scores, and recommendations from respected individuals or organizations.

Stay Calm, Confident, and Clear

College financial aid negotiations/reassessments are not a time to get emotional. Rules will not change if you cry and shout about high bills, debt, or a love of a particular college. You must demonstrate that you are the type of person the school wants to attend and that you will work hard to be an asset to the educational institution.

In general, parents of a young student should write the letter, provide documentation, or engage in the negotiation/reassessment process. Independent adult students obviously do this for themselves. The financial aid bargaining or appeals process may take some time, so begin as soon as possible after the initial decision.