Negotiating Your College Financial Aid Package
Tom Yanno, director of Guidance at East Syracuse-Minoa High School in New York, compares shopping for a college to shopping for a car—the sticker price is often negotiable.
Nearly half of all college students receive financial aid, and at many private colleges, the percentage who receive aid is even higher. Some families may find that it is cheaper to send a student to a $25,000 per year private college than to a public university, according to Modell.
He says that private colleges can be more flexible in discounting their tuition rates. “Private colleges have to compete,” Modell says. “They have the freedom to offer lucrative packages to attract the students they want.”
Modell suggests that students should apply to at least six colleges to improve their chances of receiving an attractive financial aid offer. If a student receives an attractive offer from a second-choice college, the family may be able to use this offer to negotiate a better deal with the student’s first choice.
An encouraging point to keep in mind is that many resources are available to help families find their way through the financial aid maze. As a first step, families should get well-acquainted with the student’s high school guidance counselor. Families might also want to consult with a financial planner or a financial aid specialist.
Local bookstores and libraries offer dozens of books about scholarships and financial aid. Make sure to check out financial aid web sites such as the Federal Student Aid site. If you don’t have a computer at home, many libraries throughout our area have computers with Internet access (and librarians to help you if you need assistance).
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