college aid- negotiation- college- prep

How to Appeal a College’s Financial Aid to Receive More

college aid- negotiation- college- prep

How to Appeal a College’s Financial Aid to Receive More

Dealing with a Low Ball Offer

This month, we have been going over various types of grants. The last part of this series is perhaps the most important. It has to do with getting schools to compete for you after they have sent a formal offer. The bottom line is you can appeal to the school for more money. This can happen in a couple of different ways. The first is due to hardship. If your family has experienced some financial hardship in the last year that makes the Free Application for Student AID (FAFSA) unrepresentative of your current circumstances, you can appeal to the financial aid officer and present your case. Bear in mind that these have to be legitimate family issues; a parent that was recently laid off their job, a sickness in the family, or some other valid reason. Vet bills for your favorite horse probably don’t apply. Financial officers have the ability and discression to adjust expenses due to out of the ordinary new circumstances. They are people too and have a heart.
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The second appeal is to simply ask for more dollars. Schools can and do low ball their first offers. There is information available that estimates the average percentage of “need” that a college will provide. If the figure you receive is significantly below that average for you as a student, the school is attempting to low ball you. In this case, you can go back to the college and indicate that their offer is below what you believe you can afford and thus ask them to sweeten the pot. If you are a student they want to fill their seats, they are often willing to do so. It never hurts to ask.
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The last appeal is based on competition. If you have a school that wants you and you want to go there but another school is offering a better package, tell the lower bidder. Explain the situation. Express the fact that you would like to go to their school but have other offers from other quality schools that are more cost effective. Provide the low bidder the details of the offer and ask them to meet it. If they want you and the offer is truly competitive, you may be surprised to see how the low bidder will work to get you into their school. Worst case is they won’t do it. Best case is they can up the grant and save you significant dollars.
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Action time.

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College education is a business, a big one. It works like a business in its dealings. While not quite the same as the corner used car lot, there are issues to be considered in reducing your costs and trying to obtain the best deal and still receive a quality education. I would look forward to working with you to help you receive the best value for your education dollar. Feel free to email me of give my office a call for an initial consultation.
Come over to our website specifically designed for college preparation.
www.lifeprepcollegeplanning.com
To Jump Starting Your College Life!
Coach Rossitto

 

 

 

 

The opinions voiced in this material are for general information and are not intended to provide specific advice or recommendations for any individual.
Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor.  Member FINRA/SIPC
The LPL Financial Registered Representative associated with this site may only discuss and/or transact securities business with residents of the following states: AZ, CA, MD, NY. TX

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How to Negotiate With Colleges. Yes! It’s Possible.

competition, college, life, preparation, negotiations

Get Colleges to Compete for You & Learn How to Handle Their Financial Negotiations

This is an exciting time of year for high school seniors.  Lots of once in a life time memories are happening.  For some student athletes, they will be participating in the last game of its kind.  The Senior Prom is on the books.  The process of applying to colleges has passed for most (or at least it should have!) and offers from various colleges either have been received or will be in the very near future.  On the college attendance issue, it is decision time… or is it?  One of the services we offer to students is helping them get to a point where colleges compete for the student and equipping the student to obtain additional funding where at all possible.  College is a business and the colleges that offer grants approach the distribution as a business.
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Now what do I mean by that?

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Well, sometimes the first offer that you get isn’t the best offer and there is room for negotiation.  One basis is that your family has had a change of circumstances financially and the information on the Free Application for Student Aid (FAFSA) does not reflect the new ongoing position of the student or their family.  In this case, you have the ability to communicate to the college your new circumstances and appeal to the college for additional grant money.  Here a letter acknowledging the current offer, explaining the new circumstances and the students desire to attend that particular college with a reasonable basis for additional funds can often open the purse of the college for additional thousands of dollars.  All for the cost of a post stamp and a few hours constructing the letter.  Another option is using the offers from different colleges as leverage to the school of choice stating that the cost of their school is not competitive with these other offers and if a better offer is made that puts the school more in line with other offers and costs, the student will gladly sign on the dotted line.  Now the issue becomes how badly the college wants the student and how far they are willing to open their purse to attract the student.

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Action Time!

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If you have applied to at least 6 different colleges and the offers put them all in the same ball park, both financially or academically, it is now a matter of personal choice.  On the other hand, if the offers are significantly different, negotiations are in order.  As a student, consider communicating to the college of choice your desire to attend but you have other offers that are more financially appealing.  A letter with a copy of the other offers and a request for additional funds might reduce the amount you otherwise have to finance.  Give it a shot and see what happens.  The worst that can happen is they rescind the first offer, which if your letter is respectful, is unlikely.  What may happen is that the offer gets sweeter.  I would look forward to hearing about your offers and what happens when you bargain.
Don’t miss out on all the tips, tricks, and articles  I share on “Coach Rossitto”  to help you thrive in Life!

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To Jump Starting Your College Life!

Coach Rossitto

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The opinions voiced in this material are for general information and are not intended to provide specific advice or recommendations for any individual.

Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor.  Member FINRA/SIPC

The LPL Financial Registered Representative associated with this site may only discuss and/or transact securities business with residents of the following states: AZ, CA, MD, NY. TX

 

Find the right Mentor, Get into College

find the right mentor

Why having a Mentor can help you get into college

The 5 things colleges look for and how this can be the determining factor for you

One of the areas of my financial services practice is helping high school students and their families position themselves for the college application process.  Universities and colleges have basically five sources that they review in their acceptance and admissions process.  They look at the students’ academic classes and grades, the scores on aptitude tests like the SAT and ACT, extra circular activities, the college entrance essay and letters of recommendation from a teacher or guidance counselor.  Let’s consider that last item for just a moment.  The average student is one who accepts the standard letter from the guidance counselor at his school.  Seldom does the overloaded counselor have the ability to know or understand the personal virtues of all the students they are responsible for.  This isn’t meant to be a ding on the counselor as I know they are doing the best they can.  It is simply an understanding of the ratio of students to guidance counselors.  I would have you consider being proactive.  As a freshman or sophomore, seek out a teacher or administrator that you respect and is respected on campus.  For our purposes, let’s call that person a mentor.  Seek to develop a relationship with this person.  Work with the person.  After a while, they become the mentor.  Volunteer for projects that will help that mentor or give you experience in an area that you have career goals or personal interests in.  Then shine and help the mentor shine.  Come to understand their circumstances and be of assistance were possible.  Keep updating this mentor with your successes and areas that you want to grow in.  Look for their input.  Be proactive.  Early in your senior year, approach the mentor with the request to write your letter of recommendation.  Consider providing information on the topics you would like the mentor to include.  Provide envelopes for the schools you are targeting.  When the mentor provides the letters for you, go out of your way to show your appreciation, big time.

Action Time!

Consider generating a timeline through your high school career on how you are going to work the process.  Put dates on your calendar as goals for developing and communicating to the mentors you are working with.  Consider developing a couple of these relationships so as to have a backup plan as circumstances in life change.  As you hit your targets, reward yourself and show gratitude to those you are working with.  Now, think about how this process can work for you when in college and in life.  Ask people you respect how they have worked with mentors to generate a win-win for all involved.  As always, I would enjoy hearing your ideas and progress.
Did you like this article?  ”Like” it or “Share” it to motivate others. And don’t forget to like me on Facebook “Coach Rossitto

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To Your Success!

Coach Rossitto

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The opinions voiced in this material are for general information and are not intended to provide specific advice or recommendations for any individual.

Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor.  Member FINRA/SIPC

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AZ, CA, MD, NY. TX