"Negotiating" Financial Aid Packages.

 VERSUS

OK, there has been a lot of buzz lately about "negotiating" financial aid packages. Now, before you continue reading, I want to clear something up: negotiating your financial aid package is a personal decision. I do not recommend appealing just because of the recent media attention or because it is the newest, trendiest way to reduce the amount of money you spend on college.

While bargaining with your Financial Aid Department is, essentially, a negotiation, school officials prefer to call it an "appeal." Once you have been accepted at a college and offered financial assistance, the Financial Aid Department will happily meet with you and your family to discuss your needs. It is important, though, that YOU (the student) take the lead in discussing the package with counselors. According to the College Board, "schools look for students to be the main partner with the university in completing their educations--and that involves being an active participant in the financial aid process. Over-involved parents can, at best, compromise this independence, and, at worst, make financial aid officers feel less willing to work with you and your child" (Feb. 2008).

There are two main reasons you and your family should appeal a financial aid package:

Financial Reasons. 

Believe it or not, colleges make mistakes. Maybe they miscalculated or forgot to factor certain information into the package.  Perhaps something has happened in your family since you filled out the application. These circumstances need to be brought to their attention.

Competitive Reasons.

Another school is offering you more money than your first choice school. (Each college has different policies about "competitive appeals," so it is wise to find out your school's opinion regarding this type of negotiation first.)

Usually, if you have a good reason for requesting more aid, the financial aid counselors don't mind taking a second look. You should be prepared, however, to offer materials that support your request for more assistance. Bring the following:

• Information regarding your family's financial situation.
• A copy of the award letter from the institution that is offering a better comprehensive package. 
• Proof that you will be financing your education on your own (if this is the case).

Once you're armed with these materials, contact your Financial Aid Department and set up an appointment. Dress appropriately, and make sure that you have practiced what you want to say beforehand. (Remember, you are taking charge of this situation, not your parents.) It might go something like this:

"Thank you for meeting with us today. I want to express how much I wish to attend _____ University and I am honored that I was accepted for fall semester. Unfortunately, I was expecting a higher amount from the financial aid package and I feel that I may have circumstances that would impact the current amount of aid. Can we look over this information together?"

It may take several meetings with Financial Aid to get an adjustment (this office is bombarded with students trying to get money, so they have to weed out the less serious candidates). Don't let this deter you. In fact, you'll be taken more seriously if you're persistent, increase the odds you'll get an adjustment, and get to know the officers on a first-name basis. (Trust me, this is not a bad thing!)

A lot of students worry that if they appeal their financial aid package they will be penalized and lose their aid altogether. This is highly unlikely. In fact, it's important to know that once you're accepted to a college, they want you to be there and will try their best to accommodate your needs. They want to help you. 

The moral of the story? Don't be afraid of asking the Financial Aid Department to reconsider your award package. They are happy to do it, and you can only benefit by trying.