Students have been receiving decisions from colleges and universities for awhile now, and with those acceptances, come financial aid reports. Many private colleges cost around $35,000 in tuition and another $10,000 in room and board. This is a cost of attendance (COA) of $45,000, which is certainly not rare. As financial aid reports come in, students and parents may be happy to see that they received $5,000 per year in merit scholarships and another $5,000 in financial aid. $10,000 a year is great…but that leaves $35,000 per year to possibly pay out of pocket, which comes to $140,000 for a four year education. For most families, this is a very scary sight and if a student is in love with a school, many parents will do whatever it takes to make sure their son or daughter is able to attend.
Loans often come into play, either through the school or privately, and although this is certainly not ideal, in many cases this is the only option. However, as most high school students apply to multiple colleges, they will receive multiple acceptances and multiple financial aid reports with various financial assistance figures. One procedure many schools of higher education offer is to request for additional funds. Basically, families can send in their financial aid report from school B that may be giving significantly more money than school A, to school A’s undergraduate/financial aid department. Families can highlight the difference in reports, and some schools will try to match the other school.
It is entirely up to each individual school if they will consider matching what other colleges provide in financial aid, either in merit scholarships or with financial aid assistance, such as grants. However, it is certainly worth a shot, as many students have had success with this in the past. If you plan on doing this with a college, make sure it is not done in a “pushy” way. All that needs to be done is a short e-mail kindly asking the admissions department to compare financial aid reports, and to express to the school that it is still a top choice. Explaining that the student still has a strong desire to go to the school, but it would be much easier if the financial aid report was closer to those of other colleges can work at many schools. As May 1st gets closer and closer, give this procedure a chance, as it surely can’t hurt!
One final bit of advice…as FAFSA reports are most often completed with the previous year’s tax returns, if anything significant has changed over the year, let financial aid offices at colleges aware of this. They certainly are not mind readers and most schools are willing to work with families in case of major changes in family income including loss of a job or unexpected medical bills. Please do not be afraid to get on the phone and give them a call if anything should happen!
Underclassmen and parents…check out this website, which is run through the Consumer Financial Protection Bureau. This website provides a really helpful online tool that will provide financial aid statistics, and estimates for out of pocket, cost of attendance. It will allow you to compare up to three colleges at a time.
Joseph D. Korfmacher, MA
