Leveraging Financial Aid Offers

As acceptance announcements continue and the FAFSA deadline is quickly approaching, you may ALSO be swimming in financial aid offers. While it is possible to leverage one aid package against another, it takes some research and patience.

Here are some steps to negotiating additional funds at your top schools versus offers from other schools you may have applied to:

1. Review all offers in great detail. Understand the amounts and how long the offer is available. Some aid may only be for the first year, other aid may only be for textbooks and paid out each semester. Make a note of scholarships that automatically renew as well. I recommend a spreadsheet with the appropriate columns for the information provided and be sure to separate in-state from out-of-state offers.

2. Compare the offers from schools with the same applicant pool. It's one thing to receive a full-ride art scholarship, but it will not help you negotiate a full-ride for mathematics - the degrees and applicant pool are too different. However, if you have offers from computer science or engineering programs at schools who recruit from the same or very similar applicant pool AND offer comparable programs, you can definitely leverage offers.

3. Connect with your specific department, in addition to the financial aid office. If you have been accepted into a program, including Honors, reach out to the counselor or undergraduate advisor and inquire about merit-based aid for incoming freshman. A well-written email expressing interest while you wait for your admission letter may go a long way in fostering name recognition.

4. After speaking with the department advisor, connect with the financial aid office - try to speak to the same person each time. Build the relationship so when you begin the negotiation process, the advisor is aware of your interest in the school, the desired program (& you have a plan) and most importantly your grades/GPA, recruitability (if you will). When you have all of your offers and know what you are seeking, craft a letter to the director of financial aid.

Your letter may look something like this:

I would really like to attend ______ University, however, the additional $20,000 in tuition each year is difficult to overlook.

Or, After reviewing the offer from you and ______ University, there is a difference of $15,000 for the first year. Can this be reduced through endowments or other program offers during my sophomore, junior or senior years?

Ultimately, the cost of tuition and aid offers is related to the applicant pool, program interest and funds available. Schools generally budget for the upcoming school year in April - May, with the budget going into affect 1 July. If the previous year saw a surplus in applications and stretched housing availability, the upcoming year may be the opposite. High demand programs are less likely to offer aid for freshmen since they don't need to entice applicants; however upper level and graduate students may receive money as a way to maintain retention and graduation rates.

If you need assistance discussion aid packages or reviewing programs, please

Is your college financially resilient?

Following the recent presidential election, chatter is starting to surface around the Department of Education. Will President-Elect Trump change or even dissolve this federal agency? For parents of future students, consider the strategic options below as well as the resources evaluating financial strength of public and private institutions.

In light of the current landscape, colleges and universities across the United States are bracing for an uncertain future. At the heart of their survival is enrollment and funding, whether state or federal allocations remain or if private donations and endowments will become the norm. Student access and ability to pay for higher education attainment will determine if America maintains the status quo or improves our stature on the world stage. Colleges and universities may be facing a reckoning to address a funding cliff created by expiring pandemic relief funds.

To address the funding cliff in higher education, institutions should consider the following strategies:

Diversifying Revenue Streams

Seek alternative funding sources such as grants, partnerships with industry, alumni donations, and philanthropic contributions.

Cost Reduction Measures

Implement cost-saving initiatives such as energy efficiency programs, shared services, and operational efficiencies.

Tuition Adjustment

Evaluate tuition rates and consider adjustments to ensure competitiveness while maintaining financial sustainability. Perhaps in diversifying revenue streams, partnerships with local industry may pay tuition for cohorts in specialized area to fill high-demand positions with employment contracts.

Financial Aid Optimization

Review and optimize financial aid packages to attract and retain students while managing costs. Institutions need to be savvy and consider whether they are buying or selling - a reference to Jeff Selingo's work here.

Program Evaluation

Assess the viability and demand for existing programs, consider consolidating or expanding based on market needs. As faculty, this is a touchy subject; however, involving faculty in any program modification or collaborative efforts strengthens relationships and builds commitment to future success. Including faculty is absolutely integral to any strategic plan.

Strategic Planning

Develop long-term strategic plans that align financial goals with academic priorities and student needs.

By implementing a combination of these strategies, higher education institutions can navigate the funding cliff and ensure financial stability for the future. For parents, you can check out financial resiliency here with a report from Bain and Company on public institutions and those attending private colleges can take a look at the 2023 Forbes Financial Grades here. As we gear up for the upcoming FAFSA and financial aid packages for fall 2025, take some time to do your research!

Need help with a college financial aid package or preparing scholarship essays? Set up an appointment with me!

Scholarships!

Now that applications have been submitted for Early Admit decisions, it's time to start focusing on scholarships and preparing for the FAFSA.

Throughout the next six months, tons of private foundations and donors will be opening up scholarship opportunities. It appears the timing has shifted a bit due to the delay in FAFSA availability for 2025-2026 freshmen. Since there was a delay last year and financial aid offices across the United States struggled to provide packages in a timely fashion, many private opporutnities also delayed their applications windows.

Here a few scholarships that recently opened...some websites still have incomplete or outdated information with the new due dates! Start preparing because submission windows may be shorter than past years.

The IAPD Scholarship Program, $5,000 due March 28, 2025. NOT need based, but ranked on academic achievement, extracurricular activities and presentation. To be eligible, applicant must be one of the following: employed by an IAPD member company (check the link provided), be a child of an employee of an IAPD company or be enrolled in a sales major, minor or concentration. Is thisyou? Then, submit unofficial transcripts, 500-word, one page essay and a signature addendum page signed by both parent or guardian.

Click here for more information.

ASHRAE Scholarships and Grants - several available for students interested in HVAC or another trade. Consider joining the ASHRAE Society to be eligible! Learn more here.

Undergraduate Transfer Scholarship - Jake Kent Cooke Foundation due January 9, 2025 and may provide up to $55,000 per year for two to three years to complete a bachelor's degree at any accredited four-year undergraduate institution in the U.S. Apply here.

Need help writing scholarship essays? Please contact me!