When should I negotiate a financial aid package with a college: before or after I pay the tuition deoposit?

Question by monica: When should I negotiate a financial aid package with a college: before or after I pay the tuition deoposit?
Does it matter even? I want to negotiate with my top choice,and I have already paid my tuition deposit. I got way more money from another school and my dad is retired.

Best answer:

Answer by gladys
When it comes to financial aid or scholarship questions, I point my friends to check out http://www.BestFinancialAid.info and take a look around.Its good mini directory with a few good sources of info.

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One Response to “When should I negotiate a financial aid package with a college: before or after I pay the tuition deoposit?”

  1. Juanaquena says:

    I did read an advice column that recommended students negotiate with a school’s financial aid staff for more financial aid when deciding which school admissions acceptance and financial aid offer to take. I’m not sure how the author of that article got that idea. However, it usually doesn’t work like that. Finding the best financial deal for higher education is not like negotiating the best price in buying a new car or searching for the best mortgage interest rate deal.

    You chose to make the tuition deposit at one school from which you received an acceptance and a financial aid offer before you heard from the other school where you applied. If you feel it is a more cost effective choice to attend the other school and accept its financial aid offer, that is what you do.

    Then, you will need to notify the Admissions Office of the school you decided upon initially so they know you will not be enrolling. You can state that the financial aid offered was not enough for you to be able to afford to attend the school next year. You will then have to find out if the policies of the 1st school allows the refunding of the tuition deposit you paid. You will need to telephone the school Admissions office and ask about that. Also, you will have to notify the Financial Aid Office staff that you will not be accepting the offered financial aid.

    If your/your parents’ financial situation changes for the worse this year (say if a parent who is bringing earnings or retirement income into the household budget unfortunately passes away or your parents divorce), you can then contact your school’s Financial Aid Office and notify the adviser with whom you speak of your parents’ reduced income situation. Sometimes a school can come up with some additional funding to cover more of the school costs.

    The one time you can “negotiate” for an improved financial aid offer from a school is after you are a student there, at the end of one year of studies and planning to continue into the next year of studies and the school has offered you a reduced financial aid package which will not permit you to continue attending that school. Example: That happened to me (a million years ago) when I was a sophomore and offered fin. aid for my junior year. I figured my budget and realized I would not have the funds in my college savings to continue at that school (a private non-profit university) and would have to transfer to a state funded univ. I met with a financial aid adviser at my private univ. and said I could not afford to return as a student the next year. After that, I was offered a larger amount in school-funded scholarship money, which did allow me to continue at the school and eventually graduate.

    Of course, if part of your financial aid offer at either school is for loan funds, you have the option to take on or decline the offered loans. That really isn’t negotiation, however.

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