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Financial Aid; Can you negotiate?

One of the most common questions parents and adult students ask is whether or not they can negotiate for an improved scholarship or financial aid package.

The answer is "yes" for some, and "no" for others, depending on a number of variables.

But, it is sometimes possible to meet with a college admissions or financial aid counselor and come away with an improved scholarship or financial aid package.

To apply for financial aid, students most complete and submit a federal financial aid form (FAFSA) which consists of questions about family assets (including savings and investments) and earnings. Some colleges, primarily privates, ask students to complete a second such form.

The information provided on the FAFSA allows a college to determine how much financial assistance, if any, a student may need. Keep in mind that while all financial aid does not require that a student has need, only students who demonstrate need are eligible for federal grants and government subsidized student loans. In addition, be aware that federal aid can not be awarded above the amount required to meet a student's need.

Thus there is only one way to get an increase in federal funds. If you can demonstrate to a financial aid counselor that your financial status has changed significantly since submitting the FAFSA, or prove the existence of special circumstances, you may be eligible for additional dollars. If you have a case to make, be prepared to submit documentation and you may be successful. Your word alone will seldom if ever be enough.

Institutional financial aid, however, can be a different story. Individual colleges and universities can offer you grants and scholarships even if you have no financial need. But, not all choose to do so. The very most selective colleges tend to offer money only to those with demonstrable financial need (and meet the full need of all students).

Many colleges, especially privates not in the highest tiers, have created well funded scholarship programs designed to help them enroll students who, without a scholarship as a difference maker, might choose a more selective or lower priced alternative. These colleges tend to be especially happy to offer no-need scholarships to students of high achievement and potential.

As a result, students bound for colleges in this category may have some luck in upping their financial aid package if they can point to other institutions which have offered them better packages or make a convincing case that the initial financial aid package presents a difficult financial challenge. These kinds of appeals should be made to an admissions counselor or to the Dean of Admissions.

Remember, you are asking for help, not negotiating. If you behave like an aggressive business professional or consumer, you are very unlikely to get what you want. And, remember, there are any number of laws, rules, and regulations to which college administrators must adhere; they are not always able to help even when they want to. In some instances, however, they may enjoy a fair amount of discretion. So, if you need more financial help than you are first offered, open the lines of communication with someone in the admissions office...it can only help.

Article Source: http://www.dummiesguideto.com

Daniel Kane, a university Dean, has created and maintains websites on online degree programs and online education degrees .
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