How to negotiate financial aid packages?

[datongnoodles]

I haven't received official financial aid packages yet, but between my two top choices, one gave a lot of merit scholarship so far. I'm expecting not to get too much from the other school's need based aid, but I do know they give some merit scholarships. When people negotiate financial aid packages, is it only for the need based part? Or can you negotiate merit based aid? And how exactly do you go about doing that? Do you contact both the financial aid and admissions offices (if they're separate). Do you call directly or send email? Do you tell them specifically how much another top choice school has given you? I'd appreciate some advice. Also, if you get accepted off a waitlist can you negotiate the aid after an acceptance was offered? Or do waitlist acceptances usually mean not too much aid/non-negotiable?

I have a feeling I might need to negotiate in the coming weeks when the packages come out. Thanks in advance!

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[moneymill4569]

This is a great thread, and I also would like to know this!!

 

[DocTraveler]

I would also like to know how this works!

 

[Lokhtar]

I didn't know you negotiated this. I thought they saw your acceptances and decided whether to give you something?

 

[SFO-IST]

at worst, nothing can change. They're not going to be like "how dare he ask for more, lets rescind his acceptance."

 

[wanderer]

I didn't know you negotiated this. I thought they saw your acceptances and decided whether to give you something?

The schools that I interviewed at that gave merit aid (mostly mid-tiers) gave it based on some standards independent of options at other schools. They mentioned GPA, MCAT, ECs, LORs, interview evaluations etc. I think people exaggerate the scholarships given to people with multiple acceptances, though when it does happen the schools can see which other schools you've been accepted so it's probably only in the minority of cases that the applicants negotiate their own scholarships.

 

[Krayak]

I can share my own experiences and thoughts so far, FWIW: After being accepted to my state school, I got a very nice email from one of my interviewers congratulating me on the acceptance and expressing that she was hoping I would seriously consider matriculating there. I replied that I loved the school, and was seriously considering it, but that ultimately my decision would come down to money... Two weeks later, I was offered a 50% tuition merit scholarship (unclear how much this email exchange had to do with it, or whether I would have been offered this scholarship anyway). I guess this sort of sequence of events probably doesn't apply in most cases or to most other schools I applied to, but I feel like the point to be taken away is that if a school wants you badly enough it is possible to negotiate-- but subtlety is key. That being said, I was very lucky to have been put in that position.

Hope this anecdote helps...

 

[datongnoodles]

Thanks for the helpful advice so far. I guess what confuses me partly is the difference (if any) between negotiating a financial aid package that is need based versus need/merit. I dunno if it's the merit part that schools are able to change, or if they process FAFSA and Need Access forms differently so that if they really wanted you, there's some wiggle room for need based aid as well. Anyway, when the time comes to negotiate, I suppose I should just politely but directly say XYZ school gave me such and such amount of merit scholarship, could you match? (Aah, that sounds kinda arrogant, but then again the decision for me does come down to a lot with money...)

 

[Ilovewater]

Financial aid negotiation is definitely possible if you are being polite, honest, and sincere. I was choosing between my state school and an OOS school, which I am attending now. Before the negotiation, I was offered a scholarship by the OOS, but it still would have cost more than the state school. So, after a couple weeks of deciding whether I should negotiate for more scholarship, I decided it was worth a try and sent the dean of admissions an email. I stated that the school was my definitely top choice and asked her if there was any possibility for more aid (I obviously worded the email better than this). Five hours later, she replied and increased my scholarship quite a bit. Never hurt to ask!

 

[ksmi117]

Thanks for the helpful advice so far. I guess what confuses me partly is the difference (if any) between negotiating a financial aid package that is need based versus need/merit. I dunno if it's the merit part that schools are able to change, or if they process FAFSA and Need Access forms differently so that if they really wanted you, there's some wiggle room for need based aid as well. Anyway, when the time comes to negotiate, I suppose I should just politely but directly say XYZ school gave me such and such amount of merit scholarship, could you match? (Aah, that sounds kinda arrogant, but then again the decision for me does come down to a lot with money...)

I wouldn't word it like this. You don't want to say "give me this amount and I'll come there."

Financial aid negotiation is definitely possible if you are being polite, honest, and sincere. I was choosing between my state school and an OOS school, which I am attending now. Before the negotiation, I was offered a scholarship by the OOS, but it still would have cost more than the state state. So, after a couple weeks of deciding whether I should negotiate for more scholarship, I decided it was worth a try and sent the dean of admissions an email. I stated that the school was my definitely top choice and asked her if there was any possibility for more aid (I obviously worded the email better than this). Five hours later, she replied and increased my scholarship quite a bit. Never hurt to ask!

This is pretty much what I did. I expressed my desire to go to the school, but said that it'd be hard to justify since I had offers at other schools that would leave me in loads less debt. I didn't go into details of the other scholarships because to me it didn't really seem like it'd make a difference. As long as you make it clear that you are considering not attending (although you really want to) because of money, I think you're good.

It's definitely worth a try. Nothing bad can come of it. They aren't going to rescind your acceptance or anything.

 

[SFO-IST]

[YOUTUBE]http://www.youtube.com/watch?v=y-AXTx4PcKI[/YOUTUBE]

 

[NickNaylor]

I don't think you can negotiate too much on need based aid. It's just that: need based, and much of it is funded by federal programs for which you may or may not be qualified for. With merit aid, however, you can certainly negotiate. I just sent in a letter this week so I don't know if it worked, but maybe it'll get you in the right direction. I clearly expressed my intent to matriculate at this school were it not for money. I talked briefly about why I loved the school, why I think I'm a good fit, etc. I also mentioned ambiguously another scholarship I've received. By ambiguously I mean that I just mentioned what it covered (full tuition and some living expenses) rather than an exact dollar amount. I then asked directly if I could receive more scholarship money if funds are available and the committee thinks my application merits an additional award (I had already been awarded a significant scholarship, but it still would've been more expensive than another school I'm considering).

I think as long as you don't sound pretentious or ungrateful you'll be fine. Express your interest in the school and frankly tell them that they are your first choice but that it's hard to ignore tempting financial packages at other schools.

Hope this helps. Good luck.

 

[hqt331]

Any consensus view on whether to name the school that has offered you a scholarship? It feels wrong, but it is more honest, and offers the school you are contacting a better view of your situation...

 

[Pons Asinorum]

Any consensus view on whether to name the school that has offered you a scholarship? It feels wrong, but it is more honest, and offers the school you are contacting a better view of your situation...

Do not mention other programs by name. Period. Full stop.

 

[hqt331]

Do not mention other programs by name. Period. Full stop.

Well now you're kind of scaring me, since if I write this email it might be pretty obvious which school is offering me money, since the other schools I'm accepted at are pretty well known not to give out merit aid...

 

[Pons Asinorum]

Well now you're kind of scaring me, since if I write this email it might be pretty obvious which school is offering me money, since the other schools I'm accepted at are pretty well known not to give out merit aid...

I don't understand how you can't write an email that doesn't specifically identify which of the 100+ MD programs that gave you more money. Just say that a competing program has extended a financial aid package to you that would better limit your indebtedness and that you would prefer to attend School X, due to A, B and C, if only School X could similarly limit your debt burden.

 

[hqt331]

I don't understand how you can't write an email that doesn't specifically identify which of the 100+ MD programs that gave you more money. Just say that a competing program has extended a financial aid package to you that would better limit your indebtedness and that you would prefer to attend School X, due to A, B and C, if only School X could similarly limit your debt burden.

Correct me if I'm wrong, but each school you're accepted at can see which other schools you've been accepted to, right? Which would cut it from 100+ to under 10?

 

[venacontracta]

Why does it really matter if they know what the other programs in question are?

I wouldn't go throwing around the names of other schools just because it doesn't seem like the way to go about things, but I can't actually see what harm could come out of it if they knew which other school was under consideration.

 

[Pons Asinorum]

Correct me if I'm wrong, but each school you're accepted at can see which other schools you've been accepted to, right? Which would cut it from 100+ to under 10?

In theory, they could get that info. However, that's a different matter altogether than whilst engaged in negotiations openly naming the third-party to the discussion. If they want to find out who it is, let them. DON'T openly say "well, State U SOM is giving me $x,xxx a year. What can you do?" It's tacky.

 

[NickNaylor]

I don't think there's anything inherently wrong with "outing" a school that's offering you a scholarship, but it might be perceived as a little tacky.

 

[nfo2010]

Here's what not to do:

http://www.law.umich.edu/connection...st=25d7bafe-6cf5-40c1-b79c-ab1d396f558f&ID=17

 

[jeepy]

this is very helpful - thanks!

do you normally just send it to the financial aid office email address only? should any other people be CCed?

 

[calvnandhobbs68]

Here's what not to do:

http://www.law.umich.edu/connection/...396f558f&ID=17

Hilarious story definitely don't lie about your other scholarships as the schools may definitely ask for a letter, forwarded email, etc. for proof of the other scholarship.

I don't think it's that tacky to mention the other school you're considering, depending on your reasons for asking. For instance, if part of your reasoning is that it would cost less to go to the other school because of other expenses (moving, cost of living, travel, etc.), it might be a good idea to mention the other school just so you can make your point in a clearer manner. However, mentioning the other school just for the sake of it (for example, saying you got a bit of money from UPenn just to try to throw down with your state school) isn't a good idea.