High school seniors and their parents around the country are now hearing back from colleges about whether or not they were accepted.
And financial aid considerations are an important part of this decision, especially in these turbulent times!
More than 300 colleges have extended their enrollment deposit deadlines (this means many students do not have to decide where to go to college by May 1st). And many campus tours and open houses are being conducted virtually.
Parents who have lost their job due to COVID-19 can talk to the college financial aid office and ask for a revised financial aid award.
Parents who have not been impacted by COVID-19 can still “negotiate” financial aid. Recently we helped a high school senior and his family negotiate $4000 more in financial aid from the University of Pennsylvania. This is a savings of $16,000 over the next four years!
There is an article we highly recommend to all high school seniors and their parents. It describes 4 Tips for Negotiating a Better Financial Aid Package. Here’s a summary:
1. Don’t Storm the Financial Aid Office
2. For More Need-Based Aid, Be Specific–and Have Back Up
3. For Larger Merit Awards, Use Your Leverage
4. Don’t Ask for the Moon