It’s early April, seniors. By now you should have all your admission decisions back from colleges, and you should also have your financial aid offers. You’ve got a little less than a month to make your final decision, and cost is probably a major—if not the only—factor that will guide your decision on where to go. Comparing financial aid offers is tricky, because they’re not uniform and not always very clear. So the first thing to do is to go through them carefully and slowly with your family. If you have questions, ask. The schools should have given you the contact information for questions and concerns, so use that.
It’s very typical at this point to have two or three good choices and no clear top choice. If that’s the case, then you’ll probably choose the most affordable of them and be done with your search. But if you still have a single standout favorite, then after understanding the competing offers you may find yourself realizing that you’re unable to attend your top-choice school because of finances. If that’s the case, there’s still time to ask for more money, but you have to move quickly.
It is absolutely essential that you know how much money you still need. You should have this number already, because you and your family have talked about what is affordable for you. You’re down to the final days and very specific dollar amounts. You need a real number, not a hazy concept. If your family is saying that the top-choice school is still not within range, ask them how much money would make it affordable. You need that number. Otherwise, you don’t know what you’re asking for and won’t know if you get it.
Next, prioritize. You can make an effort to change one, maybe two, offers. Limit yourself to that. Don’t put yourself through the entire process again with a lot of places. Focus.
Have your back-up plan. Assume there will be no financial aid changes, and make a plan based on that assumption. Make your appeals, but assume that the offers you have are your final offers. Don’t hold onto so much hope that you don’t plan for the likely outcome.
Finally, understand that you’re not really negotiating. You’re not in a position of strength here. You’re not haggling, this is not a game, there is no winner. You’re simply asking for more money. You may get it, you may not. Be prepared for both. If you want to have a sense of how likely a school is to work with you, there are a few things to look up. First, see how many people took a place on the waitlist for the past few years, and also how many people on the waitlist actually got a spot. If the school uses a large waitlist and few people actually get off the waitlist, then “if you don’t give me more money I won’t go there” isn’t much of a threat. Also compare your bottom-line number to their average net price. If they’re asking more from you than what’s average, there may be some room to work. But again, these just give you an idea. They help you manage your own expectations. You don’t get an answer from the school until you ask, and last year’s stats don’t necessarily tell you anything about your own situation.
Understand what you’re asking for and why. Then explain both of those things as clearly as possible to the school. This isn’t the time for clever narratives or emotional pleas. Let them know what the problem is and ask them politely if they’re able to help solve it. Here are some common scenarios.
You’re asking for more need aid because your situation isn’t the same as what’s on your FAFSA. Your Expected Family Contribution and need are based on the information you submitted to the FAFSA (and sometimes the CSS Profile). But that information may be out of date, and your circumstances have changed significantly. One example might be that a parent or guardian is at a different job or no longer has a job, so their income is much lower. If this is the case, explain the issue, and provide as much documentation as possible. The more evidence, the better. Send along more recent tax documents, pay stubs, medical bills or other official documents that can help you show that your actual need is very different from the one that was calculated earlier.
You’re asking for more need aid because they gapped you. This probably isn’t an accident—they know they gapped you. Tell them that the school is still your top choice, but that you won’t be able to attend with the package they offered you. What if you can get by without getting the full need met? This is a difficult situation. If you let them know you don’t really need your full need met, then you may be asking for less than they might actually offer you. This is unlikely, but still a risk. If you tell them you absolutely need the full need met, then they may offer you nothing even though you may have got the lesser amount. So there’s a risk either way. I advise people to be upfront and tell them exactly how much you really need, but I understand people not wanting to ask less than the full need amount and “leave money on the table.”
You’re asking for more merit aid because, despite getting full need met, you don’t think you can actually afford to go without more. If they’ve met your full need beyond EFC, this is going to be tricky. But let them know and see. Be polite and show gratitude for meeting your full need. And let them know that, despite the formula, you still won’t be able to attend without more aid. Let them know exactly how much more you’re asking for—the smaller the number, the easier it may be to get them to offer it.
You’re asking for more merit aid because you got a better offer from a different school, but this one is still your top choice. It’s difficult to accept an offer from a school, even your favorite, when another school is offering a much better aid package. Let the school know your situation. Provide documentation of the better offer. Remember, you’re not haggling or negotiating. If you say “match this better offer or I’m not going to your school,” they can easily say “have a great time at the other school!” But if you’re saying that you and the school are a great match and it’s truly your top choice, but that your family just ins’t in a position to walk away from a better offer from another school that’s also a good fit…but not as good a fit, then say so and see what they can do. Again, make sure you’ve talked to your family and know what kind of price you’ll accept. The school is likely to give you more aid, but not as much as that other school is actually offering. Be emotionally prepared for this.
You’re asking for more merit aid because you would like more aid even though you can afford it. You won’t have to walk away from your top choice, you just think it doesn’t hurt to ask. You’re right, it doesn’t. But it’s difficult to explain and difficult to get sympathy. If they’ve meet your full EFC and you don’t have a cheaper offer from another school to document, you're essentially asking “hey, got any aid money left?” If this is what you’re doing, emphasize how great a fit the school is and how it’s your very top choice. Let them know that the aid package they’re offering is really going to stretch your family budget in a way that is difficult, that you’re hoping that more aid has been freed up, and that if it has you would like to be considered.
I wish you well in these final weeks, seniors! It’s still really stressful, but you’re almost there.
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