Many families believe that the financial aid award letter from the university’s final offer them. In reality, this may be the first time in the series offer. Most award letters are used to show how the college will meet the cost of attendance for the college in question. This may include, federal and state aid, grants, scholarships, work-study and loans. In many cases, more students and parents borrow the other better quality financial assistance.
One of the most overlooked ways to reduce college costs is to negotiate a better financial reward package. This is often overlooked is that most families do not know how to approach college with their request. Here are some ideas that will help make this process go smoothly and have significantly better results.
First, never call it “negotiation”. University financial advisers dislike negative connotations associated with negotiating offers, magic it up visions of a used car salesman. They are proud to help students and families fill the need for assistance college. Most have advanced degrees and years of experience in this field. Observe their efforts and the appeal will be treated with the same.
You need to decide whether you want to apply for “Early decision” or not. If you ask for an early decision, you are almost always reduce financial rewards because you are making a promise to meet their college if you’re accepted early. They have little incentive to offer anything more than basic assistance package. They will save more assistance to them very desirable for students who are still deciding whether to attend college or not.
Next you need to get some college financial aid awards and realistic to compare them to see who is offering the best quality financial package for family.Obviously phone, grants, scholarships and other non-repayable assistance are better than loans or work-study forms of assistance. Once you find a college that is offering the best quality support, you may be able to use this information to convince other colleges to improve the quality of the assistance package.
You need to provide appropriate documentation if you are planning to appeal the prize. This should be provided in writing and provide the actual statements, invoices and forms as necessary. If you just tell them that you want or need more money without data on why, you are sure to appeal your denied.
This may sound like common sense, but never argue with the financial management division or any of their employees. Even if you are right, never start arguing. You will always lose this argument and appeal will generally not in the process.