Q. My son was accepted to two great private liberal arts schools and is deciding which one to attend. College #1 – which is in Ohio – offered us a generous financial aid package, so he was leaning toward that school. College #2, in upstate New York, however, just came in with a better package, totally unprompted.
What is the best way to ask College #1 to match the offer? Any tips on making the final decision by May 1? What other factors should we consider?
– Proud Papa in New Jersey
A. Are the colleges comparable in terms of quality and ranking? asks Adam Nguyen, founder of Ivy Link and a college admissions expert.
“If College #2 is in the same league (like academic reputation, offerings and resources) as College #1, the ability to negotiate a better financial aid package based on your son’s merits is more likely to be successful,” Nguyen says.
In any case, it’s worth approaching College #1 – make sure to include the admissions officer and not just the financial aid officer – and try to negotiate. Keep in mind that this is not an adversarial but a collaborative process, Nguyen adds.
“Emphasize to College #1 how much you love them and that they’re a great fit for you,” Nguyen says. “Then show them the (financial aid) letter from College #2, and make the case that you’d still love to attend College #1 and matching (financial aid) support would solidify your decision to attend College #1.”
This is where having colleges in the same league and of the same caliber helps build the case for financial aid matching.
Says Nguyen: “If the colleges are widely divergent, College #1, assuming it’s a better school, will feel less inclined to match, Also, it will help a lot if you are a strong student academically and are highly desirable to both Colleges #1 and #2 based on your merit. Your need-based financial aid calculations will not change in this scenario. To be clear, we are talking about the merit portion of your financial aid.”
In any case, it doesn’t hurt to ask College #1 to match the offer.
“The worst outcome is you have the same financial aid package you had before negotiation,” Nguyen says. “Colleges will not penalize you for asking for more money and showing that you have a better financial aid package from competing colleges.”
Keep in mind that after you accept and send in your deposit to a college, it’s usually too late to ask for more money from that college. Also, consider the difference between financial aid packages and whether a college is a good fit in the long term for you.
“Will a few thousand dollars make a huge difference if you end up at the college that’s right for you in the long run?” Nguyen says. “While money is important, don’t discount the intangibles that might be valuable to your overall college experience.
