Understanding Your Financial Aid Package<\/strong>
Before you think about negotiating, take time to thoroughly review your financial aid offers. Offers typically include:
– Grants and scholarships: Free money that doesn\u2019t need to be repaid (the best option!)
– Work-study opportunities: Part-time campus jobs to help cover expenses
– Loans: Funds that must be repaid, often with interest
Be clear on how much of your aid is free money versus money you\u2019ll need to repay.
Leveraging Multiple Offers to Negotiate Aid<\/strong>
Next, we encourage families to compare the cost of attendance minus the financial aid package for
each college. If you\u2019ve received financial aid offers from multiple colleges, you may be able to use one offer to negotiate a better package from another school. Private colleges may be willing to match or at least consider the financial aid offered by a competing institution, especially if they view your student as a strong candidate.
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In this step, it is important to compare the total net cost, not just the amount of aid you\u2019ve been awarded. This includes tuition, fees, housing, and any additional expenses, minus all grants and scholarships.
For example:
– College A offers $15,000 in grants, but its tuition is $50,000. Your net cost is $35,000.
– College B offers $10,000 in grants, but its tuition is $40,000. Your net cost is $30,000.
In this scenario, College B is more affordable, even though College A\u2019s offer is larger.<\/p>\n\n\n
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