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:
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.
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.
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.
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
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