Watch the “How to Get More Financial Aid For College?” Video »

Transcript:

How To Get More Financial Aid For College

I’m going to let you in on a little secret.

Colleges don’t always give you all the aid you are eligible for.

Sometimes, colleges hold money back.  And you have to ask for the money in a special way in order to receive it.

If this sounds a little strange.  It is.

To get a better perspective on how this works, I want you to put yourself in a College financial aid officer’s shoes for a minute.

You’re a college financial aid officer now.  And you have millions and millions of dollars to give away to prospective incoming freshmen, to entice them to come to your school.

You want to give them enough money that they come to your school.  But also, you don’t want to give away so much that your aid dollars dry up.

Now here is where things get tricky. One of the prospective students you offered aid to approaches you and asks if they can have more free money?

So you look a little closer at the student. They are bright, have great scores and grades and interviewed well. They would be a fine addition to your school.  So you offer them $5,000 dollars more of free money.

This should do it, you think to yourself.

But, to your amazement, the student comes back and says they would like some more money.  Because another school they have been accepted to and are deciding on, gave them more free money they your school did.  And the student actually sent you a copy of the aid package the other school made.

Rats!!! You say to yourself. The other school happens to be our biggest competitor and rival.  I can’t let this student end up there.

So you dig deeper in your pockets and give more money to the student.

All told, you offer this student an extra $6,300 dollars per year to come to your school…

Just for asking.

This sounds like a pretty good deal if you’re the student…right?

Of course it does.

Colleges call this the “appeals process.”

We here at collegemadesimple.com call it “negotiations.”

Whatever you want to call it, the fact is, there is an excellent chance you can get more money for college, just by asking and going through the appeals process in the right way.

Maximizing the appeals process comes down to a simple 5-step process, which we
will be discussing in more detail in our next video.

Until then.

I’m Scott Weingold with collegemadesimple.com and The College Planning Network.