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College is a business. Parents and students who think otherwise will be setting themselves up for failure in the financial aid process. Colleges have a job to budget their money wisely, especially in regard to financial aid packages. The less aid a school can give a student the better for the school. Therefore, it is the job of parents and students to understand the role of the financial aid officer and what s/he does for the school. Can families work with financial aid officers to negotiate the best package for them? Understanding Expected Family Contribution Firstly, government processors of the FAFSA (Free Application for Federal Student Aid) must look at the key elements such as the income and assets of the parents and the student. FAFSA processors use a formula called a federal methodology. This helps them evaluate what amount of income and assets the family will keep and what amount the family can afford to spend on college for that particular school year. This latter amount is called the Expected Family Contribution (EFC). Keep in mind, families must reapply for financial aid for all four years of school, thus the student's award package is based on that school year solely. In normal circumstances, the government will estimate higher on the EFC. In other words, if a family can only afford to pay $10,000, the government will estimate higher, so the EFC will be $15,000. This is just an example, $5000 higher is not representative of every family. However, many schools do not agree with the EFC estimated by the government. That is why a family may be required to fill out additional financial forms such as the CSS/Financial Aid PROFILE or individual forms of each school. After all of these forms are submitted, financial aid officers take over the process. Federal Government Student Loan or College Scholarships Grants The admissions office will decide what applicants to accept and pass those names onto financial aid officers. The officers will now put together each student's financial aid package of grants/scholarships, work-study and loans that will meet unmet needs. In theory, the package should cover all unmet need, but that is not usually the case. Families will most likely receive an award letter with a large amount of unmet need left. Is there any recourse for an unacceptable financial aid package? For example, a family receives a federal government student loan, but they were hoping for college scholarships and grants. Families do have an edge if the student is highly desirable. If so, parents should call the school and speak with officers to receive more grant money (not loans) – especially if the student has received a better package from a competing school. Have all the financial information – including competing packages – ready when speaking with an officer. Families can also try to negotiate with officers if they feel they really have a case. Maybe the student isn't highly desirable, but the unmet need is just too large. Again, have all financial information ready to politely discuss and try to negotiate a better deal for the student. These days where a student attends school all comes down to money. Therefore, make sure to understand the role of the financial aid officer and when it is appropriate to negotiate with her/him. Families can receive more money as long as they understand the college aid process.
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