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This is a common problem. You apply to college and are admitted. But then you realise you can’t afford to attend school.
In many situations, students will end up taking out more student loans to cover the difference, finding a cheaper institution to attend, or, in the worst-case scenario, skipping college altogether. But if you’re savvy, you can actually reduce tuition prices by simply speaking with the financial assistance department.
Continue reading to learn how to negotiate college tuition and how much you may save.
Can you negotiate college tuition?
After applying to college and completing the FAFSA, you will receive a financial aid award letter. This letter will describe the amount of financial aid you will receive, which includes:
- Student loans
- Federal grants
- State grants
- Work-study
- Scholarships
If there is any sum left over, the letter will also outline how much you will need to pay out of pocket. To pay for education, you will need to take out a sizable number of student loans if your family is like many others. Your ability to negotiate will be useful in this situation.
Asking the vendor for a lesser price at a farmer’s market for two bunches of kale instead of one is not the same as negotiating college tuition.
If you want to effectively negotiate your college tuition bill, you will need to show that you are unable to pay the whole amount. For instance, proving that your parents have filed for divorce may be helpful if they are currently going through a divorce (particularly if they were still married when you first filled out the FAFSA).
How to appeal your financial aid results
Find proof
The letter of financial aid award is subject to change. If you have evidence that your financial circumstances are worse than they seem on the FAFSA, you can appeal the results by getting in touch with the college.
You’ll probably need to support your assertion with some sort of evidence. Medical bills, a letter of termination (if one of your parents was laid off or fired), and other documents may be included.
Things that might not have been mentioned on the CSS Profile or FAFSA are helpfully brought to light. This may consist of:
- Demotion or furlough
- Supporting other family members and dependents
- Other major bills and expenses
You should appeal as soon as possible if you wish to do so. You should get in touch with the financial aid office again if you don’t hear back in a few weeks. Keep in mind that most schools have a deadline by which you must accept their offer of enrolment. Your slot can be offered to a student on the waitlist if you miss that deadline.
You shouldn’t provide the precise amount of money required to cover the school’s tuition when submitting an appeal. You never know if the school will give you more than you anticipated, so let them determine how much to give you.
Reach out to all potential schools
You have the option to appeal with each institution if you got offers of permission from more than one. You can write a letter like that. Just be sure to customise it for the financial assistance office at each institution. You can never predict which school will return with a better offer.
Be courteous
It is beneficial to be kind while requesting a discount. Keep in mind that the financial assistance officer who is reading your letter has complete control over you. Your prospects of receiving more money may be harmed if you seem impolite, entitled, or patronising.
What else you can do
There are other ways to lower your tuition costs besides appealing your financial assistance outcomes. Here are a few more tactics you could try:
Apply for more scholarships
One of the best strategies to lower your tuition costs is to apply for scholarships in addition to appealing your financial aid results. Scholarships can cover all of your tuition costs and are non-repayable, unlike student loans.
By choosing not to apply, many students lose out on thousands or even tens of thousands of dollars in scholarship funds. They erroneously believe that in order to be considered for a scholarship, they must have a 4.0 GPA and a 1600 SAT score. However, scholarships are available to all types of students. Finding scholarships targeted at kids who have your interests, hobbies, and demographics is the challenge.
Attend school in-state
Attending an in-state school is another easy method to save money. In-state public four-year schools cost an average of $10,750, while out-of-state public four-year schools cost $27,457 and private universities cost $40,768. If you attend an out-of-state school, the difference is almost $85,000, and if you attend a private school, it is an astounding $121,000.
Additionally, you will qualify for more state-based incentives if you attend an in-state institution. Only local students are eligible for the majority of state grants. You probably won’t be eligible for any state grants if you attend an out-of-state institution.
Go to a community college
Consider taking core classes at a community college before transferring to a four-year institution if you want to get the most out of your education.
A community college’s average tuition is $3,885, which is roughly $6,000 less than what you would pay at a four-year public institution in your state. At the very least, that represents savings of almost $12,000.
Your credits will probably transfer to an in-state four-year institution with ease if you attend a nearby community college.
The Conclusion
You shouldn’t rely on your tuition negotiation to be successful, even if it might be a helpful tactic. Recall that the government does not make the decision; the financial aid agency does. As always, one of the greatest ways to lessen your reliance on other forms of financial aid is to apply for more scholarships.
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