Bargaining with Financial Aid Packages from others schools

[abcehmu]

Has anyone tried to sweeten a financial aid package from one school by showing a better financial aid package from a comparable school?

Were you succesful?

I've heard that this can be done, but wanted to see if anyone on SDN can confirm it.

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[Keg]

I'm gonna try that with U Chicago in the near future - I'll let you know how it works out.

 

[chad5871]

I'm gonna try that with U Chicago in the near future - I'll let you know how it works out.

My brother did this with law school (which is much different from medical school, I know, but still...) and got an additional $10,000/year from University of Richmond (on top of $15,000 already). Needless to say, that's where he's going in the fall.

 

[badlydrawnvik]

I wish I hadn't withdrawn from all other schools, I would have tried to do this as Columbia gave me the financial shaft. On a side note, two of my best friends go to Richmond and love it.

 

[abcehmu]

anybody have any success with med schools?

 

[Labslave]

anybody have any success with med schools?

Not me. I just tried to do this having a full ride at one school and no scholarship money from another (top ten) school and failed miserably. I have a hunch that it has to do with the disparity in reputation between the two schools however (i.e. if another top tier school had offered me the scholarship, I'm sure the better school would have taken a different approach). Good luck.

 

[sanford_w/o_son]

finally, a thread worth reading.

haven't heard of it happening at med schools (apart from this thread), but i know it's common enough in certain grad school programs. i think you would have to leverage against a school money you got at a comparable or better school, reputation-wise.

this notion came up in a thread some months ago, and i offered the suspicion that financial negotiation among schools in this way provides a perverse incentive for people to hold on to acceptances they know they will not ultimately take, just so they can use the acceptances for bargaining.

 

[Elastase]

Not me. I just tried to do this having a full ride at one school and no scholarship money from another (top ten) school and failed miserably. I have a hunch that it has to do with the disparity in reputation between the two schools however (i.e. if another top tier school had offered me the scholarship, I'm sure the better school would have taken a different approach). Good luck.

I've tried a full-scholarship (from a top ten research school) with another top school in Cali, and for the UCs, they don't have as much money to play around with for recruitment. I think thats what its based on more is if they really want you (either recruitment for oustanding scores or URM) then what other schools might have given you. Good luck...it can't hurt to try, just be tasteful about how you bring it up. In the end, it doesn't really matter how much money gets thrown in your direction, because that should be a minimal factor in considering a school.

 

[somewhere2010]

i have a friend who did this 2 years ago - full ride to upenn got matched by harvard. i also know that michigan is rather aggressive about recruiting people and is at least open to the idea of matching $$ offers. if you ask nicely, i don't think it would backfire on you at any school...

 

[abcehmu]

I've tried a full-scholarship (from a top ten research school) with another top school in Cali, and for the UCs, they don't have as much money to play around with for recruitment. I think thats what its based on more is if they really want you (either recruitment for oustanding scores or URM) then what other schools might have given you. Good luck...it can't hurt to try, just be tasteful about how you bring it up. In the end, it doesn't really matter how much money gets thrown in your direction, because that should be a minimal factor in considering a school.

i dont entirely agree with the last sentence......my aspirations post residency will put me in a situation where I will not be making much money to pay back accruing loans, and I'm afraid of a large debt handcuffing me or making it very difficult for me to do what I want to do. So the amount of money that gets thrown my way is very important. All the schools I am deciding between are good schools that I would be happy at, so money has become a critical deciding factor.

if I do end up bargaining (I may just go to the school that has given me the best package so far) i'll be pitting ivys against each other, so hopefully they wont just scoff at each other.

I guess my biggest concern is coming off as ungrateful, because even though there are somewhat sizable discrepancies between the packages so far, they have all been fair to generous.

will keep you all updated.........thanks for the feedback.

 

[top]

I tried that...got shot down immediately. The schools really weren't that far apart in rank (20 spots), but the upper school is in the top 5, so I guess they don't care. I was VERY courteous and respectful, but there were no negotiations whatsoever. I'm going to school that gave me the best scholarship, since the differences in debt are staggering. I don't know if I'll regret it later or not, but for now I'm pretty comfortable.

 

[reylting]

I tried with 2 top ten schools one in Cali and one out of state. I failed miserably also. I am an URM.

 

[Elastase]

I tried with 2 top ten schools one in Cali and one out of state. I failed miserably also. I am an URM.

Yeah that sucks.

As for the money factor, its important but it shouldn't be the deciding factor. I withdrew from a great top-ten school that was giving me a full-ride, and I don't regret it. Its four years of your life, you have to consider personal happiness and opportunities. At least for me, that includes family and working the Latino underserved in California.

 

[CaliPlease]

Yeah that sucks.

As for the money factor, its important but it shouldn't be the deciding factor. I withdrew from a great top-ten school that was giving me a full-ride, and I don't regret it. Its four years of your life, you have to consider personal happiness and opportunities. At least for me, that includes family and working the Latino underserved in California.

Wow. Nothing like putting your (or their) money where your mouth is. I really respect your integrity and dedication to both the underserved and your family.

 

[sanford_w/o_son]

Wow. Nothing like putting your (or their) money where your mouth is. I really respect your integrity and dedication to both the underserved and your family.

i am suprised as well. and i really hope you don't regret it.

 

[Elastase]

i am suprised as well. and i really hope you don't regret it.

Its not like I'm paying full price for the other school in Cali either (got partial grants/scholarships). It probably adds up to paying around 50k more for med school...the price of a luxury car...definitely worth it if its 4 years of my life!

 

[sanford_w/o_son]

Its not like I'm paying full price for the other school in Cali either (got partial grants/scholarships). It probably adds up to paying around 50k more for med school...the price of a luxury car...definitely worth it if its 4 years of my life!

if it's only 50k for a future doctor, that makes sense.

 

[DrMike24]

I tried that...got shot down immediately. The schools really weren't that far apart in rank (20 spots), but the upper school is in the top 5, so I guess they don't care. I was VERY courteous and respectful, but there were no negotiations whatsoever. I'm going to school that gave me the best scholarship, since the differences in debt are staggering. I don't know if I'll regret it later or not, but for now I'm pretty comfortable.

I was told by someone that unless a school is in the top 5, go where your debt will be lowest.

I will be trying some bargaining today... I tried yesterday but only got the answering machine and didnt want to do it by message...I'll let you all know how it goes.

 

[AGAPE487]

I was told by someone that unless a school is in the top 5, go where your debt will be lowest.

I will be trying some bargaining today... I tried yesterday but only got the answering machine and didnt want to do it by message...I'll let you all know how it goes.

Good luck Mike,

Let us know how it turns out

 

[kirexhana]

PWNED. Apparently they would love to be able to match the money i got at the other school, but they're out of merit scholarships.... HAH more like they're out of merit scholarship money for me...

 

[LuisitoMD]

I turned down a $120K ($30k/yr)at an OOS school to stay in Cali... which only gave me a $10K grant...
and I'd do it again!!!!! It was freeze my a$$ off or debt, I'll take the debt!!!

I did use the scholarship at the other school for the Cali school to decrease my Student Contribution (down to $1K)... which was outrageous!!!!!

 

[titoincali]

I did the same thing. Turned down places where my total debt would be around $60,000 for a place where my debt would be around $120,000. It was a difficult decision at first but now I'm positive it was the right one!

 

[princessd3]

What if school A gave you a scholarship would it be ethical to let school B know about it only to get more money from school B to then show school A. That was a mouthful. In other words if you had no intention of going to school B but you want more money from school A. Got it?

 

[Keg]

What if school A gave you a scholarship would it be ethical to let school B know about it only to get more money from school B to then show school A. That was a mouthful. In other words if you had no intention of going to school B but you want more money from school A. Got it?

As long as you decline the additional money from school B once you get more from school A, I don't see a problem with it.

 

[53948]

Wow. Nothing like putting your (or their) money where your mouth is. I really respect your integrity and dedication to both the underserved and your family.

WORD.

 

[blkprl]

Yeah that sucks.

As for the money factor, its important but it shouldn't be the deciding factor. I withdrew from a great top-ten school that was giving me a full-ride, and I don't regret it. Its four years of your life, you have to consider personal happiness and opportunities. At least for me, that includes family and working the Latino underserved in California.

now, that's the kind of doc I would like to go to when I'm ill.

But, the full ride does sound good tooooo.....

congratulations friend.... and good luck

 

[DrMike24]

So I called today and told them I got an award somewhere else, but I really want togo to their school, but financial issues are going to be part of my decision, and they basically told me that awards are coming next week, so hang tight. I asked if they matched awards at all, they said not that they know of, speak to the head lady.

I guess I will wait till next week and take it from there.

 

[sanford_w/o_son]

So I called today and told them I got an award somewhere else, but I really want togo to their school, but financial issues are going to be part of my decision, and they basically told me that awards are coming next week, so hang tight. I asked if they matched awards at all, they said not that they know of, speak to the head lady.

I guess I will wait till next week and take it from there.

heh heh, maybe you irked them and your reward will be $ -2,000. if schools did that it would certainly do away with the perverse incentive.

 

[pdavis42]

Here is an excellent information page about how schools can sometimes use Professional Judgment to adjust your estimated need:

http://www.finaid.org/fafsa/negotiation.phtml

Basically, it says that most schools won't negotiate to match another school's financial aid offer, but you can appeal to their judgment on how they consider various aspects of your financial aid application (e.g. your parents' assets) in calculating your expected need and contribution in certain circumstances.

I got two very disparate financial aid offers from two schools, and I called the school that offered no aid to ask why. It turns out that they take into account much more of my parents' assets, including the value of their house, and had calculated a very large parental contribution. They said that I could appeal the decision, though it might not make a difference. But if you are in a situation where you can make a case for having greater need than a school has calculated, it's worth a shot. I recommend you talk to the financial aid office of your school, explain your situation, and try to figure out what formula and inputs they are using to calculate your family and personal contributions. Then find out who to write an appeal letter to, and what supporting information you should include to make your case.

Good luck!

 

[pnasty]

What if school A gave you a scholarship would it be ethical to let school B know about it only to get more money from school B to then show school A. That was a mouthful. In other words if you had no intention of going to school B but you want more money from school A. Got it?

I dont see any problem with it as long as you drop school B by May 15th

 

[Opallife]

I received a scholarship from a top 20 school and am trying to get it matched at another two schools (I prefer either two to the one where I got the scholarship at). One school basically told me no outright but the other one is seeing "what they can do" I will let you know how it goes....the scholarship is a difference of almost $80k so it is a big decision to make....

hope it works!!

 

[Elastase]

now, that's the kind of doc I would like to go to when I'm ill.

But, the full ride does sound good tooooo.....

congratulations friend.... and good luck

Thank you! Full-rides are very tempting, but you shake 'em off after some deep thought.

 

[dogangel]

I asked a finanicial aid director at one school if there was anyway they could increase my scholarship and the dean of admissions contacted me the same day telling me they had scholarhsip money for me. I was ectstatic cause I wasn't sure if I should ask, but now i wish I asked for more. I wish I knew it was that easy. By the way it's really not that much, they basically gave me what I aksed for (10k).

I say try no matter what, the worse they can say is no.

 

[AGAPE487]

When you get a financial package from another school that is better than another schools finacial aid package. How do you go about asking for more money in a nice way?? I am gonna try to test the waters on monday/tuesday