- The Parent calling the financial aid office
Your student is now being treated as an adult (in many cases for the first time) and the college does not want to communicate with the parent. Who asks for more help and how they do it is vital to your student’s success in appealing their financial aid. We have experienced a number of times where schools will increase aid even after telling the parents who originally called that “We don’t negotiate”
- Sending in your deposit too soon
The schools knows that in all likelihood that once you have sent in your deposit, that you are pretty committed to them. Our experience has been that there are some colleges who are willing to increase offers towards late April if they have not filled their quota by then. Remember that for most colleges your original offer only needs to be accepted by the beginning of May.
- Not having alternate offers to negotiate with.
This is a big one and needs proper planning, in many cases a year or more in advance, but often one of the most effective ways of getting increased aid. If you have not planned out your negotiation “Process” well in advance, then don’t expect schools to offer much if you do not have proof of alternatives.
- Your alternate is not a comparable school
Don’t expect a USC or Notre Dame to come to the table of improving their offers if you only have alternate offers from a local state school. They do not see those as competitors. Make sure that in your planning process that you include both in-state and out of state schools that are equivalent schools if you want to have an effective negotiation tool.
- Disrespecting those at the college or being obnoxious
None of us want to really help obnoxious parents or students who have an entitlement mentality and treat others disrespectfully. Don’t expect help from others if you act like an idiot. Most people in the financial aid arena are nice people and want to help families – treat them with dignity.
- Declining other offers too soon.
There is a strong strategy of obtaining additional endowment awards or aid in year 2 and 3 with proper planning that entails not declining alternate offers immediately. There are sometimes additional discounts and grants that could result from this.
- Not being specific or not having a strong reason
Just asking for more money is not a strategy. Sometimes if the student has a compelling reason WHY, then they would have greater success. Dad is unemployed or got a salary reduction. Last year’s income was unusually high and here is the reason. We had to sell stocks last year to cope with an emergency situation and that is why our income was higher – and many other reasons.
Also explaining what you are looking for is helpful. “If I could just get another $2500 then I will be able to attend your school”
- Not having documentation to back up your appeal
Proof of what has changed or why you are asking is always helpful. Help the financial aid office understand why they should help you.
- Giving up too soon
Just because you get a “No” on your first request does not mean that it is final. Ask if there are any alternatives – work-study or increasing your grades by retaking tests. Remember that there is nothing stopping you from asking for more aid in year 2 and 3.
- Not knowing how to ask
Appealing your financial aid needs some finesse. How to word your request, who to send the request to, how to send it in, who needs to do it and the attitude in which it is done, all contribute to the success of an appeal.
ALWAYS remember that when in doubt, kindness and humility goes a long way.
Dave Coen is CEO at www.collegeplanningamerica.com
To book an appointment or talk with us please Contact us at davec@collegeplanningamerica.com or 714-813-1703
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