HOW TO NEGOTIATE COLLEGE TUITION AND SAVE THOUSANDS OF DOLLARS IN 5 STEPS

Let’s be serious – paying for college is terrifying for the majority of families these days. According to College Board, average college tuition and fees increased by 9% over the last 5 years, making the total cost of college a large chunk of change for most families.

In order to compete, many are willing to make concessions when it comes to college tuition costs. This is great news for you and your family.

1. PREPARE TO APPEAL YOUR FINANCIAL AID PACKAGE TO NEGOTIATE COLLEGE TUITION

Before marching down to the financial aid office and busting down the door, it helps to gather certain documents, letters, and other backup materials to help your case.

2. START DISCUSSIONS WITH THE PROPER FINANCIAL AID OFFICER

Begin by asking them how they reached the financial aid package. Try to understand where they are coming from, as this will give you more room to negotiate. Say to them, “Can you please walk me through your calculations? I’d like to discuss why I do not believe these are feasible but want to understand where you are coming from first.”

3. UNDERSTAND YOUR OPTIONS WITH COLLEGE TUITION AND YOUR FINANCIAL AID PACKAGE

While some institutions may offer their best option right away, many will hedge their offers, just like a typical negotiation. Typically, discounts come through need-based or merit-based aid.

4. USE YOUR AMMO AS NECESSARY

The next set of “ammo” to negotiate college tuition includes any other offers your child has received. Come with research in hand on the total cost of attendance for all the schools your child has been admitted to.

5. MAKE THE FINAL DECISION

If you and your child go in with the mindset that price is the #1 factor, you will naturally negotiate better as they won’t be able to get you to concede by building hype for that institution.

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