Financial Aid; How and When to Negotiate

Among the three or four most frequently asked questions about financial aid is whether or not it is possible to ask for and receive an increase in aid.

Like most questions about financial aid, many variables must be considered before coming up with an answer. And, there is no "one size fits all" answer.

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.

Virtually all colleges and universities require students seeking financial aid to answer questions on a federal form (called a FAFSA) designed to provide an indication of a student's need for financial aid. Some private colleges also use a second form to obtain additional relevant financial information.

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.

So, unless you make a mistake on your FAFSA, you'll only be able to increase your federal financial aid if you can demonstrate to a financial aid counselor that you have suffered financial reversals since submitting your FAFSA or that you are the victim of special circumstances. Generally, a successful appeal requires solid documentation.

Financial aid offered to you by the college you attend is not necessarily subject to the same regulations as federal dollars. Colleges and universities can and do offer all kinds of scholarships to students who have no financial need. The very most competitive colleges, however, award money almost exclusively on the basis of need, and meet 100% of every student's need as determined by the FAFSA.

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.

Therefore, students admitted to such colleges might very well be able to meet with an admissions counselor and come away with additional funds if they can demonstrate that attending the college in question would be a financial stretch or that their other college options are significantly less expensive. Note that this kind of conversation should be held with an admissions counselor, not a financial aid counselor.

Do not think of a request for more aid as a negotiation, and do not approach it as such. Instead, ask an admissions officer (counselor, director, or dean) for help...help that will enable the student to attend the college without creating severe hardship for his or her family. If you have a good case to make...if you can demonstrate that the financial aid package offered to you puts a college or university out of reach, you may well get the additional aid you need.