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Financial Aid; Can you negotiate?

By: Daniel Kane

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.

Like most questions about financial aid, many variables must be considered before coming up with an answer. And, there is no "one size fits all" answer.

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.

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 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.

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.

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 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.

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.

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 education degrees .
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