How Tuition Negotiation Works - Joel Peck & Associates
Financial aid is a very popular topic among parents of high school juniors and seniors, yet it is widely misunderstood. Here are some misconceptions we hear all the time:
- There is no way we are getting any aid; we earn too much money.
- With all of our expenses, I am sure we will get financial aid.
- We don’t have a problem. We have enough set aside in savings.
The Getting Money for College™ process is designed to benefit families (in the form of reduced tuition) that do not expect to qualify for financial aid based on financial need.
There Are Two Basic Types of Financial Aid
The first is based on financial need- the higher the family’s income and assets, the lower the need. This financial aid is based on a formula that is driven by the FAFSA and CSS Profile.
The second (and lesser-known) is based on competitive pressures facing the college – when you have a choice between colleges to which you child has been accepted, price is one of the factors. This second type of financial aid is granted after you make an appeal to the Director of Financial Aid. This program guides you in this appeal.
Universities are competing with each other for students by building better facilities and offering tuition discounts. The colleges certainly do not advertise it, but a college industry group performed a study that showed that the average discount rate for first time freshmen has risen over the past ten years from 38% to 48%.
The Getting Money for College program includes:
- An analysis of the need-based and non-need-based financial aid (grants) typically offered by each college on your list;
- Preparation of the FAFSA and CSS Profile applications on your behalf;
- An analysis comparing each college’s actual initial financial aid offer with the other offers you will receive in March;
- A list of talking points to help you appeal financial aid at your top three college choices in April.
Let us show you how to get these discounts to work for your family.