Financial Aid; Can you negotiate?

By: Daniel Kane

One of the most common questions parents and adult students ask is whether or not they can negotiate for an improved scholarship or financial aid package.

Because financial aid is governed by fairly complex regulations, a definitive answer to that question...an answer that applies to all students...is not possible.

It is accurate to say, however, that in some instances, meeting with a financial aid or admissions counselor can lead to a better financial aid package than the one offered initially.

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.

The financial information on a student's FAFSA is fed into a formula to determine whether or not he or she is eligible for federal grants and/or subsidized (low interest) student loans. Understand that other kinds of aid, including many scholarships and unsubsidized loans, do not require established need, but federal grants and subsidized loans do. You also need to realize that federal dollars can not be used to award more dollars than required to meet a student's full 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).

Other colleges and universities, especially second and third tier privates, often use institutional scholarships to compete with more selective and/or less expensive colleges. Such schools are generally very comfortable using their own dollars to sweeten the pot for high-achieving students.

Thus, a good student admitted by such a college may be able to wind up with an improved financial aid package if he or she can produce award letters from other colleges which offer better packages, or if he or she can convince an admissions counselor, director, or dean that the original financial aid package would make it difficult (or impossible) for the student to attend the college.

Remember, you are asking for help, not negotiating. If you behave like an aggressive business professional or consumer, you are very unlikely to get what you want. And, remember, there are any number of laws, rules, and regulations to which college administrators must adhere; they are not always able to help even when they want to. In some instances, however, they may enjoy a fair amount of discretion. So, if you need more financial help than you are first offered, open the lines of communication with someone in the admissions office...it can only help.

Article Source: Loan Info Center

Daniel Kane, a university Dean, has created and maintains websites on online college programs and online education degrees .
Click here to get your own unique version of this article.

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