Negotiating Scholarships: How Prospective College Students Can Secured Additional Financial Aid
Yes, prospective college students do have leverage in negotiating for scholarships and additional financial aid. The key is to leverage your offers and persistence, while also demonstrating your value to the university.
Opportunity Awaits: Leveraging Other Financial Aid Offers
Once accepted into a master's degree program, I reached out to the program director at the University of Chicago to inquire about increasing the awarded scholarship. Although the university covered half of the tuition, I was considering taking out a 45,000 loan. Here is the email I received:
Email Response:
Dear Ms. Mundell, [[...]]
This response highlighted two key points: Unforgotten opportunities for increased aid and the ability to leverage other scholarship offers to negotiate for more financial support.
The Power of Persistence: Embrace Rejection and Continue Striving
Although in this specific case, I was not given an increased award, it is crucial to try and keep asking. Persistence is a key factor. Many times I have asked for more financial aid, and with each attempt, I refine my approach and add more compelling reasons why I deserve additional funding.
Keep Your Grades High: Academic Performance Matters
Your academic performance is a critical factor in sustaining and increasing financial aid. Universities often withold funding from students with poor academic records. Additionally, many merit-based scholarships are available and require above-average grades. Maintain high academic standards to ensure continuous support.
Stay Involved on Campus and in the Community: Add Value
The more you contribute to your university or community, the more likely you are to receive additional financial support. Universities recognize the value of students who actively participate in various activities and initiatives. Your contributions can significantly influence the financial aid committee's decision to fund you further.
Explore Alternative Funding Sources: Bolster Your Financial Plan
If the financial aid office is unable to provide the aid you need, explore alternative sources such as alternative student loans, grants, and scholarships. Universities often have funds that are distributed on a highly competitive basis, but advocating for yourself and getting someone to vouch for you can increase your chances of receiving financial assistance.
What You Can Do to Increase Your Chances of Getting More Aid
1. **Leverage Other Financial Aid Offers**: Display generous offers from other universities as bargaining chips to secure more financial support from your preferred institution.
2. **Don’t Be Intimidated by Rejection**: Rejection doesn’t mean the end. Ask again later, and keep pushing until you achieve your goals.
3. **Maintain High Grades**: Your academic performance is a significant factor in securing and maintaining financial aid.
4. **Stay Involved on Campus and in the Community**: Demonstrate your value to the university by engaging in various activities and contributing positively to the community.
5. **Explore Alternative Sources of Funding**: Seek out other financial assistance options like alternative loans, grants, and scholarships.
By following these strategies, prospective college students can significantly increase their chances of securing additional financial aid and making their education more affordable.