How To Negotiate For More College Aid in the Fall

College applications are up by 10% this year, according to the Common Application, the most widely used college application. Yet those more selective public and private schools saw a 17% jump.

However, small institutions saw a decline across the board, except for the more selective private ones. Public school applications fell in both the more and less selective categories, by 3.76% and 4.71%, respectively, and applications to private, less selective colleges dropped 1.28%.

“Colleges and universities are businesses,” said certified financial planner Lawrence Sprung, president of Hauppauge, New York-based Mitlin Financial. “They are very well-run, well-oiled machines.

Requesting more financial aid

Financial aid decisions for the incoming freshman class are based on 2019 income levels. So, if your family’s finances took a hit during the pandemic, or there was any other change in your financial situation, you can file an appeal for more money.

Vasconcelos said common reasons include:

A job loss.
A hit to your savings since you completed the application.
High out-of-pocket medical expenses.
Support of elderly relative or family overseas.
Extra medical or care expenses for a special needs child.
Private high school tuition for a younger sibling.
Capital gains on stocks in 2019 that was not repeated.
You are no longer receiving the child support you got in 2019.
Parents’ student loan debt.

To file your appeal, go to the school’s website and fill out an official appeal form. If there is no form, email the school’s financial aid office. Explain the change in circumstances and ask for additional aid.

You’ll have to include documentation to support your request, such as a termination or furlough letter, a large medical bill, your W2 or updated bank statements.

“The financial aid offices are very prepared for a big year of financial aid appeals,” Vasconcelos said.

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