How To Negotiate More Financial Aid To Save Thousands on Student Loans
Written by
Tiffany Lew
Edited by
Jenna Klaverweiden
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Just because you’re offered a certain amount of money for college financial aid doesn’t mean you can’t appeal for more. April is a good time to negotiate. According to The Wall Street Journal, many colleges set a deadline in early May for enrollment decisions, which makes now a good time to negotiate financial aid.
Here’s how to do it effectively so you can save on student loans.
Evaluate Changes in Your Financial Situation
Perhaps your family is in a different financial situation now versus when you filled out the Free Application for Federal Student Aid (FAFSA) forms. As LendingTree noted, it could be the loss of a job, change in marital status or something else.
Whatever it is, detailing these life changes is crucial for negotiation.
Compare Other Offers
Comparing private school offers to public school offers likely won’t work, per Forbes, but be aware of what you’re offered from other similar schools. You could use it as leverage for more financial aid at your preferred schools.
Write a Letter
Keep it short, simple and straightforward. This isn’t the moment for a creative writing exercise or even a compelling personal essay. Clearly and concisely document why you need more funds. State the facts of your current financial situation.
Include Supporting Documents
This is the third-party evidence that backs up your claims. Organize the necessary documents and include them in the appeal. Be sure to carefully follow instructions on formatting or other particularities.
Follow Up
Following up is key. Once you’ve sent your appeal, remember to follow up so you know the school has received it. Keep the tone calm and professional, as you don’t want to have any reason to jeopardize the process.
More From GOBankingRates
Sources
- The Wall Street Journal, “How to Negotiate a Better College Financial-Aid Package.”
- LendingTree, “How To Ask for More Financial Aid for College.”
- Forbes, “5 Steps To Negotiate More Financial Aid.”
