It’s only September, but it’s
never too early to start thinking about paying for college and financial aid
options! Many private colleges cost around $35,000 in tuition and another
$10,000 in room and board (and don’t forget about additional fees, including
books). All of this equals a cost of attendance (COA) of $45,000+, which is
certainly not rare. When 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, federally, 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.
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!
-Joseph D. Korfmacher, MA