Financial Aid; How to Get More

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Among the three or four most frequently asked questions about financial aid is whether or not it is possible to ask for and receive an increase in aid.

Because financial aid is governed by fairly complex regulations, a definitive answer to that question…an answer that applies to all students…is not possible.

It is true, however, that it may be possible to wind up with an improved scholarship or financial aid package after an exchange with an admissions or financial aid staff member.

Every student who applies for financial aid is required to fill out a free federal financial aid form (FAFSA) on which there are questions related to family assets and income. In some instances, colleges will also ask financial aid applicants to provide additional information on an institutional financial aid form.

The financial information on a student’s FAFSA is fed into a formula to determine whether or not he or she is eligible for federal grants and/or subsidized (low interest) student loans. Understand that other kinds of aid, including many scholarships and unsubsidized loans, do not require established need, but federal grants and subsidized loans do. You also need to realize that federal dollars can not be used to award more dollars than required to meet a student’s full need.

Thus there is only one way to get an increase in federal funds. If you can demonstrate to a financial aid counselor that your financial status has changed significantly since submitting the FAFSA, or prove the existence of special circumstances, you may be eligible for additional dollars. If you have a case to make, be prepared to submit documentation and you may be successful. Your word alone will seldom if ever be enough.

Colleges can be much more flexible with their own funds than they can with federal dollars. Many can and do offer academic, leadership and many other scholarships without regard to need. The Harvard’s, Yale’s, and Princeton’s of the world seldom offer any funds not based on need, but they meet the full financial need of every student they enroll.

Many colleges, especially privates not in the highest tiers, have created well funded scholarship programs designed to help them enroll students who, without a scholarship as a difference maker, might choose a more selective or lower priced alternative. These colleges tend to be especially happy to offer no-need scholarships to students of high achievement and potential.

Thus, a good student admitted by such a college may be able to wind up with an improved financial aid package if he or she can produce award letters from other colleges which offer better packages, or if he or she can convince an admissions counselor, director, or dean that the original financial aid package would make it difficult (or impossible) for the student to attend the college.

When requesting more aid…need based or otherwise…remember that you are not buying a car. Ultimatums, rudeness, and aggressive behavior will surely be counter productive. And, you must remember that admissions and financial aid offers do not enjoy unlimited discretion. While I would not encourage anyone to try to save the last dollar on educational costs, there is no harm in requesting necessary help.

Daniel Kane, a veteran director and dean of admissions, has created and maintains websites on online college programs and online universities .

categories: financial aid,scholarships,grants,college scholarships,student loans,adult education,college,colleges,university,universities,college admission,education,education and reference

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Article Citation
MLA Style Citation:
Kane, Daniel Z. "Financial Aid; How to Get More." Financial Aid; How to Get More. 30 Dec. 2009. . 9 Feb 2012 </miscellaneous/financial-aid-how-and-when-to-negotiate/>.

APA Style Citation:
Kane, D (2009, December 30). Financial Aid; How to Get More. Retrieved February 9, 2012, from /miscellaneous/financial-aid-how-and-when-to-negotiate/

Chicago Style Citation:
Kane, Daniel Z. "Financial Aid; How to Get More" . /miscellaneous/financial-aid-how-and-when-to-negotiate/

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