10 ways to land more college financial aid


"A good financial aid package is as important as the major, course of study and geographic location," says Bob Friedman, the university director of student finance at Yeshiva University in New York. "It comes at the end of the search, and it's absolutely a top concern."

Though financial aid officers have some latitude in how much they can offer students, don't expect that securing a better aid package will be as easy as snaring a deal on a vacation or a flat-screen TV, says Marty Carney, DeLand, Fla.-based Stetson University's director of financial aid.

"Don't come in with the expectation that financial aid offices are in the business of negotiating like used-car salesmen," he says. "In many cases, schools don't negotiate financial aid awards."


10 tips for getting the best financial aid package

  1. Make colleges compete
  2. Ask for a reassessment
  3. Explain money issues outside of FAFSA
  4. Ask about new scholarships and grants
  5. Be polite and don't "negotiate"
  6. Keep your eye on the stimulus package
  7. Get the best kind of aid
  8. Don't be afraid to ask
  9. On-campus jobs are an option
  10. Get forms in on time

1. Make colleges compete


"Some schools have a policy to match other school's financial aid award offers," he says.

In a letter, explain why you consider this school to be your first choice, and that you'd come "if the school could make it financially feasible for you," Carney says. Include the competing institution's financial aid offer.

2. Ask for a reassessment

FAFSA, the Free Application for Federal Student Aid, is the document that determines a student's eligibility for federal financial aid and in many cases, the additional awards offered by schools themselves. Financial aid for students is calculated from "base year" data. For example, for the 2009-2010 academic year, the base year is the 2008 calendar year.

Financial aid is calculated with the assumption that the income and assets will remain stable, but in this economy, that's often not the case. If your family's financial circumstances have changed, it's wise to ask for a reassessment, Yeshiva's Friedman says.

"If somebody lost a job or if your assets are worth 75 percent what they were worth before, (financial aid officers) need to know that," he says. "If you can document it, these are things that a school can take into consideration."


3. Explain money issues outside of FAFSA

FAFSA puts students and parents under the financial aid microscope to determine how much they can truly pay for college. Still, the endless forms don't capture every detail or always represent the true picture of a family's finances, says Marc Hill, a financial planner and founder of ReduceMyCollegeCosts.com.

"Maybe the parents have a grandparent that they're supporting in some fashion, such as a nursing home," he says. "That's not captured on the FAFSA. But if you can document that to the financial aid officer, (he or she) may be able to change the numbers to better reflect your ability to pay."



Show Bankrate's community sharing policy
          Connect with us
Bankrate Student Loans




Partner Center

Connect with us