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Can Students Negotiate with Colleges for Extra Financial Aid?
By Catherine Groux
Posted June 18, 2012 11:46 AM
Students can negotiate their financial aid package with their college.Today, most students need some form of financial aid to help pay for their associate's or bachelor's degree. While scholarships and loans are popular options, many individuals also receive a great deal of aid from the schools they apply to. According to the College Board, about 36% of all grant aid came from colleges and universities in the 2010-2011 academic year.
Typically, schools will present students with a financial aid package once they have been accepted. However, many applicants may not be aware that they can negotiate with these schools regarding exactly how much they will receive in financial aid if they feel funding will prevent them from attending the institution. In a recent interview, Colin Gruenwald, director of SAT and ACT programs for Kaplan Test Prep, explained how students can initiate this discussion with a college admissions officer.
Avoid Taking the Used Car Dealer Approach
While it is certainly possible for students to speak with their prospective colleges about financial aid packages, Gruenwald warns that applicants should not think of the word "negotiate" in a negative or unsavory context. Oftentimes, this word calls to mind a used car dealership, where shoppers are constantly trying to outsmart the dealers. However, this is not the mentality students should have when speaking with officials from their future school.
"You are invested in each other," Gruenwald said. "You want to be a worthwhile investment for the university to make, and you want to make sure you are investing in a school that really makes the most sense for you. So, schools do have some flexible funding, they do have the ability to make choices, but you have to demonstrate why that is desirable."
Think of a College as a Partner
Rather than approaching a college and acting as if they simply deserve more financial aid, students should treat the school like a partner. After all, degree seekers can benefit from attending the university just as much as the institution can benefit from having them.
Keeping this mentality in mind, Gruenwald recommends students maintain a consistent, open and positive relationship with school officials throughout the application process. This way, when they begin the financial aid conversation, students will already have a solid relationship with college officials. Then, when applicants receive their financial aid package from the institution, or if their financial situation changes before school begins, they should maintain the two-way-street mentality and be open, honest and respectful.
"You should say, 'Here's my situation. Here is why I think this is going to be a great school for me to attend, but here are some concerns I have about my ability to be here, or my ability to be successful while I'm a student here based on these financial needs,'" Gruenwald said.
Ultimately, Gruenwald said colleges do have flexible funding and can often provide students with additional aid if they need it. However, students must prove to their schools why they deserve this money and what they can offer the college in return.
