Leveraging Award Packages
So, you’ve received acceptances and financial aid awards from your chosen schools – firstly, congrats! Here are some things to keep in mind when leveraging financial aid and scholarship offers (AKA asking for more money):
Like Institutions
Keep your leveraging of scholarships to like (or peer) institutions. That means comparing public out-of-state schools to other public, similarly selective out-of-state schools. In other words, you can't compare an out-of-state public university to a public university where you're receiving in-state tuition and fees (because the aid packages will inevitably look pretty different). But you could certainly compare private schools of the same ilk.
It's not so much matching scholarships as looking at the percentage of merit aid to the bottom line.
You can ask about matching scholarships you’ve received from other schools (i.e. “this other school gave me a $30k scholarship, would you be willing to match that?”), but most schools don't just do that. Instead, look at the percentage of scholarships you're receiving in comparison to the Cost of Attendance or direct costs (tuition, fees, room and board). That's a better gauge of what, if anything, you might be able to get.
In other words: what will your total Cost of Attendance for each school actually be, once you factor in your scholarships? Focus less on the dollar amount you receive in scholarships, and more on the total dollar amount you’ll actually end up paying. Some schools will give you that number on the financial aid award, but for many schools, you’ll have to make that calculation yourself.
How to Ask
It's awkward asking for more money. I know. Don't worry, they get many of these requests – and the worst they can do is say no. They're not going to rescind your acceptance if you ask.
Once you lay out your circumstances (if applicable) and your continued interest in the school, make your request. ASK. Write up an email to the school’s financial aid office (and you can CC the admissions office, if you’d like). If you're looking for a gentle way to ask, this does the trick: Are there any other resources I could apply for or be considered for? I like adding "apply for" in there because even though they know you're asking for more money, you're indicating that you're willing to put in some extra effort.
Who should ask?
If it's solely a request for more merit aid, it's better coming from the student. If it's a request for more detail or a notification of context regarding need-based aid, e.g. recent family circumstances or income changes, it's fine for that to come from the parent.
Siblings?
If you have a sibling already in college or any others coming up soon-ish, you can mention that as part of your family’s financial planning and express your need to make the Cost of Attendance more affordable (importantly, use the language “more affordable” and not “as affordable as possible” – they, unfortunately, won't care about making their institution as affordable as possible).
Is the financial aid award reflective of your current situation?
This is really more of a reminder to check the numbers you entered and reach out to colleges if your family's financial circumstances have recently changed or are changing imminently.
Have a number in mind but have realistic expectations.
Have this conversation with a parent. Ask yourself, "What would it take for us to say yes?" But keep that number reasonable. Some colleges have more wiggle room than others, but they're not always going to be able to "match" scholarships or even go above a few thousand dollars in extra aid.
If this is truly your top choice, mention that!
Not every family is going to be able to say this, but if you could confidently say yes with more money, mention that. If this is really where you want to be, then tell them that! Enthusiasm can only help.
At this stage in the admissions process, schools are looking to increase yield, AKA the number of students who decide to enroll in a given year. If they believe that you truly will enroll after being given more money, they’re more likely to offer you that money.
Final thoughts
In this process, your goal should be finding the best fit for your academic goals while ensuring the investment makes the most sense for your family's situation. While not every request will result in additional aid, approaching the process with patience, kindness, and professionalism (as well as maintaining open communication with your schools’ financial aid offices) can significantly impact your final college costs – even modest adjustments can really add up after four years. You’ve got this!
