For most people, one of the biggest factors in picking a college is how hard the costs will hit their family’s budget. But if you play your cards right with financial aid, you might get some happy surprises—like a surprisingly generous offer from that expensive private school at the top of your list, making it even more affordable than your local state university.
Your first step in unlocking federal aid is filling out the Free Application for Federal Student Aid (FAFSA) as soon as you can. The deadline for the 2019-2020 school year is June 30, but you can submit it as early as October 1 of your senior year. Colleges also use the FAFSA to distribute their own funds, and each school might have different deadlines, so staying on top of key dates is crucial.
The FAFSA calculates your family’s financial situation and determines how much you can contribute. But when schools put together their aid packages, multiple factors come into play.
First, it helps to know whether a college is need-aware or need-blind. Need-blind schools don’t look at financial data when making admissions decisions—they focus solely on a student’s academic and personal merits. Need-aware schools, however, might consider a family’s financial need when evaluating applicants.
“One thing our admissions team considers is how much a student will cost us,” says Sean Martin, director of financial aid services at Connecticut College. That’s partly because the school pledges to meet every student’s full demonstrated need—the difference between what the FAFSA says your family can pay and the total cost of attendance.
Not all schools do this. Some use gapping, offering less than full need to certain applicants, often those not in their top tier. Others admit-deny, accepting a student but providing little to no financial help.
Still, Martin says students shouldn’t assume needing aid will hurt their chances. “They might bring other strengths that outweigh cost,” like geographic diversity, strong academics in a specific field, or standout talents in music or activism. A smart move? Apply to at least a few schools where your GPA and test scores are above their average admitted student.
Once accepted, universities craft aid packages—usually a mix of federal grants, loans, and merit-based scholarships. Some students also get work-study jobs as part of their package.
More schools are now offering no-loan packages, replacing federal loans with grants. About 50 schools do this for low-income families, and 16—including Princeton, Brown, and Vanderbilt—extend it to all students.
Many colleges also require the CSS Profile, a detailed form on the College Board’s website. It digs deeper than the FAFSA, asking about home equity, family business income, and even financial details from divorced parents (and new spouses, if applicable).
When comparing offers, look closely. Two packages might have the same bottom line, but one could lean more on loans. Schools often give more grants to students they really want.
Cindy Deffenbaugh, financial aid director at the University of Richmond, remembers parents thrilled by another school’s seemingly bigger offer—until she pointed out it included a Parent PLUS loan, which Richmond doesn’t factor into its totals. To compare fairly, she says, “subtract grants and scholarships from each school’s cost. What’s left is your out-of-pocket amount.”
Also, consider how costs might change over time. Some scholarships renew automatically; others are one-time or require maintaining a certain GPA. If the offer letter doesn’t specify, ask the financial aid office.
Tuition hikes matter too. Some schools guarantee flat tuition for four years but may still raise fees for labs or counseling. The University of Dayton, for example, locks in net tuition for four years, increases aid to cover any rises, and even gives up to $500 per semester for textbooks to FAFSA filers.
Since Dayton’s fixed-price policy started in 2013, student borrowing dropped 22%, with average debt at 18,000—farbelowthenational18,000—farbelowthenational30,000. Other fixed-price schools include Ohio University and George Washington University.
Another way to cut loans? Apply for private scholarships. Even small awards help, though some colleges may reduce your aid package accordingly. Most use outside scholarships to replace loans or work-study.
“Start early—sophomore or junior year,” says Princeton student Sunny Sandhu, who won 600,000inscholarships.HeusedtheSchollyapptofindmatchesbasedonhisGPA,hometown,andbackground.Afterapplyingto25+scholarships,helandedfundsfromGatesFoundation,Coca−Cola,andevenalocalElksClubcontestthatnettedhim600,000inscholarships.HeusedtheSchollyapptofindmatchesbasedonhisGPA,hometown,andbackground.Afterapplyingto25+scholarships,helandedfundsfromGatesFoundation,Coca−Cola,andevenalocalElksClubcontestthatnettedhim40,000. “It takes research, but it’s worth it,” he says.
Can you negotiate aid? Sometimes. If your financial situation has changed (divorce, medical bills, etc.), schools may reconsider. Brooke Fincke, a college counselor, suggests detailing monthly expenses in an appeal.
Otherwise, avoid pitting schools against each other unless you know yours accepts appeals without financial changes. High-demand skills can help, but you’ll need to share competing offers. Specialty schools, like culinary institutes, might also negotiate.
“If another school offers more, we ask for their award letter,” says Kathleen Gailor of the Culinary Institute of America. “We also want a short essay on why they’ll succeed here.”
Charlie Javice, founder of financial aid tool Frank, suggests being factual and personable when appealing. “Tell your story clearly and briefly,” she says. It worked for her—she successfully negotiated more aid all three years at UPenn. “There was back-and-forth, but schools want to keep good students,” she says.