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Financial Aid; How to Get More
Author: Daniel Z. Kane
Parents and students often ask if it is possible to negotiate 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.
Every student who applies for financial aid is required to fill out a free federal financial aid form (FAFSA) on which there are questions related to family assets and income. In some instances, colleges will also ask financial aid applicants to provide additional information on an institutional financial aid form.
The information provided on the FAFSA allows a college to determine how much financial assistance, if any, a student may need. Keep in mind that while all financial aid does not require that a student has need, only students who demonstrate need are eligible for federal grants and government subsidized student loans. In addition, be aware that federal aid can not be awarded above the amount required to meet a student’s need.
Thus there is only one way to get an increase in federal funds. If you can demonstrate to a financial aid counselor that your financial status has changed significantly since submitting the FAFSA, or prove the existence of special circumstances, you may be eligible for additional dollars. If you have a case to make, be prepared to submit documentation and you may be successful. Your word alone will seldom if ever be enough.
Colleges can be much more flexible with their own funds than they can with federal dollars. Many can and do offer academic, leadership and many other scholarships without regard to need. The Harvard’s, Yale’s, and Princeton’s of the world seldom offer any funds not based on need, but they meet the full financial need of every student they enroll.
Many colleges employ their own scholarship monies as a tool to compete with more prestigious or less expensive institutions…institutions to which they might otherwise be likely to lose students. These colleges are more than willing to put scholarship dollars on the table to attract top students.
As a result, students bound for colleges in this category may have some luck in upping their financial aid package if they can point to other institutions which have offered them better packages or make a convincing case that the initial financial aid package presents a difficult financial challenge. These kinds of appeals should be made to an admissions counselor or to the Dean of Admissions.
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.
Daniel Kane, a veteran director and dean of admissions, has created and maintains websites on online colleges and online college degrees .
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