Asking Colleges for More Money
How Do I Ask a School for More Money?
There’s nothing harder than getting into your dream school and then not having the budget to pay for it. In an ideal world, a family would know exactly what a school will cost before the student applies, but many schools aren’t transparent about real costs until they issue an award letter, so families are left comparing costs only after decisions come out. If you find yourself looking at an offer that doesn’t add up to an amount you can afford, this blog is for you.
What’s the difference between financial aid and merit aid?
First, know your terms. Financial aid is what a school offers based on a family’s income, usually as determined by the FAFSA. Some schools also require families to fill out the CSS profile, which requires more detailed information, including about assets. These awards can come in the form of both loans (these must be repaid) and grants (free money). A family can determine projected financial aid by running the cost calculator at the school even before applying. For further discussion of types of aid, see How to Read Your Financial Award Letter
How do I appeal a college’s financial aid award?
If you believe financial aid has not been calculated correctly for any reason, including if your family’s financial situation has changed since you filled out the FAFSA/CSS in the fall, the parent or guardian should contact the financial aid office with a note like this:
“My [child] is thrilled to have been admitted to ___ school. It is [his/her] first choice/high on the list for the following reasons ____.”
“However, our family’s financial circumstances have changed.” or “My family’s calculated expected contribution does not align with the cost calculator I did when I applied.” (or both)
Can you exercise your professional judgment to review my file and re-consider the financial aid package? I will be happy to provide you with my recent tax forms, bank statements, and any other relevant information.”
If the college meets need, you should explicitly point out the school’s commitment and pull up the numbers to show the discrepancy between your financial situation and the gap the school has incompletely filled between EFC and college costs.
If you are appealing to a school that is not meets need, you do not have that negotiating chip, but you can appeal based on your desire to attend and your family’s financial need.
CTK pro tip: Schools will re-calculate financial aid every year, and you will re-apply every year by filling out the FAFSA and/or CSS profile.
CTK Pro Tip: Always be honest. If a school is not your top choice; don’t say so. Instead you can state that it is “very attractive” or “high on my list.”
How do I appeal a college’s merit award?
Merit awards are a university’s attempt at cost discounting designed to lure attractive students to a school. If you have been admitted to a school that you would like to attend but the cost is higher than you want to or can pay, you can appeal to the school for a higher merit award.
CTK Pro Tip: Both when you read your award letter and when you negotiate, know whether an award is only for the first year or is guaranteed for all four years. If an award is for four years, read the fine print to know if there are stipulations, e.g. maintaining a certain GPA.
Because schools use merit awards to attract desirable students, you should think about what makes you attractive to the school, that is, what sets you apart from other candidates. Remember that at this point the school has an interest in keeping its yield numbers high. In other words, it has admitted you, and it will look better for the school if you accept its offer than if you don’t. You are in a strong negotiating position that can result in a win-win: you attending the school of your choice at an affordable price and the school getting a student it wants on its campus. To understand more about how yield relates to asking for more money, read my advice here.
Because this is an admissions issue, you should appeal to the admissions office. This message should come from the student:
“I am thrilled to have been admitted to ___ school. It is my first choice/high on my list for the following reasons ____.”
“The costs are still high for my family. In fact, I have offers from ____ and ____ that bring my family contribution down to _____. Could you match those offers to make your school an affordable option for my family?”
Do: offer updates on your achievements, grades, and test scores
Don’t: threaten or complain
How do I know what, and how much, to ask for?
In the above example, you are asking for the college to meet the offer or offers from other schools. Note that you are not asking for the same award but rather for the school to get you to the same level of family contribution. A $30k merit award that brings you to a family contribution of $40k is not as useful as a $20k award that brings you down to a $25k contribution.
What if you don’t have an offer against which to negotiate? The most useful information is knowing where in the incoming college class you fall– are you in the top 10% on numbers or the bottom? Schools will be more motivated to award money to students who are more attractive candidates, but you can always try, relying on the school’s general interest in getting admitted students signed on officially.
A final word: Don’t negotiate in bad faith. If you negotiate hard with a school with no intention to ultimately enroll, you may leave behind a bad taste for the students coming up from your high school next year. Be honest, ask for what you need, and be thoughtful in what you request.
How to Read Your Financial Award Letter
Can I Appeal My Financial Award Letter?
