College financial aid letters have just been sent, and you may want to think about how to negotiate for more money.
Many families don’t realize it, but there is often a little wiggle room in financial aid awards. FAFSA, the form the government and colleges use to determine need- and some merit-based aid, doesn’t capture all circumstances that might affect a family’s ability to pay for school. For instance, there’s no line to include the cost of caring for an elderly parent or special needs child, the kind of expenses that could warrant more aid, said Mark Kantrowitz, publisher of Edvisors.com, a college planning Web site. So if you weren’t able to share that kind of information with the school, now is the time to bring it up to see if that shakes free some more assistance.
You can request a professional judgement review.
If you do decide to negotiate, you can appeal to the school’s financial aid administrator for what’s known as a professional judgment review. Gather up every piece of documentation of any changes to your family finances or special circumstances that could impact your ability to pay for school. If the financial impact is significant enough, the school may adjust your child’s award.
Don’t attempt to haggle.
“Colleges are not car dealerships, where bluff and bluster can get you a better deal. Very few colleges will make a revised financial aid offer when a student gets a more generous financial aid offer from a competitor,” he said.
But some schools, like Cornell and Carnegie Mellon, will consider matching offers of peer institutions.
You “should be careful in the language and manner” of your approach.
“We won’t ‘negotiate,’ but we might ‘review.”
Looking for more tips? “Want to appeal your college financial aid? Go for it”