Can I Negotiate College Scholarships and Financial Aid Amounts? April 20, 2010
Ian Welham discusses negotiating college financial aid and scholarships
Many families wonder if it is possible to negotiate college financial aid and scholarships. The answer is yes— if you do so very carefully.
Last year 600 families appealed their financial aid award at Boston University. Half saw their award increased.
The best way to negotiate is to follow a few simple tips: be prepared, be organized, and be polite. Don’t expect there to be a bidding war. There is normally a very structured process in which colleges negotiate and you must follow the rules. Don’t try to play games. For example, bluffing will not increase your dollar amount, and will almost always backfire.
As far as college scholarships are concerned, in order to be able to negotiate, the scholarship must be based on need. If so, the amount may be adjusted depending on the institution; but if it is an academic scholarship for a fixed amount, the odds of negotiating are next to zero.
With financial aid, it is important to be able to document your special circumstances. Colleges will most likely not raise your financial aid without a significant financial change to the household, such as loss of job… salary reduction… unforeseen medical costs… divorce… or any other life change that would alter your ability to pay tuition based on your previous year’s tax data. Focus on facts when asking for increased aid, and provide the administrator with strong reasons for why your family should be considered for a higher financial aid award.
What about competing offers from other schools? These can be used to your advantage, but use with caution. You want to state it as a fact, not as a threat.
One last point to remember: Many colleges or universities with a higher price tag reserve some money for certain students who may still be on the fence.
Still have questions on financial aid? Contact a college financial advisor today!
