MINNEAPOLIS — It’s no secret that attending college can be very expensive.
Did you know that, much like negotiating a salary at a new job, you can negotiate how much you pay for tuition?
“Most people just don’t know you can do this I’d say," David Carlson says.
Carlson is the author of Student Loan Solution and founder of the personal finance website YoungAdultMoney.com.
He says negotiating college tuition is something that’s becoming more and more popular these days, in part because fewer students are enrolling every year.
“So you have the same number of schools competing over less and less students," Carlson says.
Carlson says the best situation to negotiate in is when you’ve been accepted to multiple schools that are similar.
“So, for example two private schools in the metro area in the Twin Cities," he says. "They’re comparable schools, they’re going after the similar student.”
To begin the process of negotiating he says you’ll likely have to lay out your case for what’s called a “merit-based adjustment” to the admissions office, usually in written form.
In there Carlson says to point out other offers you have and make sure you mention things like a high GPA in high school and extra curricular activities you’re involved in.
“I think an important thing is to say that you want to go to this school but you don’t necessarily have the finances to make it happen with the package that was offered to you," he says. "It’s typically recommended don’t ask for a specific amount because you don’t know how much the school is willing to move in either direction.”
Carlson says there aren’t a lot of hard numbers out there for how many students are successful in negotiating, but he says it’s working for some students.
Keep in mind the worst they can do is say no.
“More and more students are graduating with higher and higher levels of student loan debt so anything that can help you on the front end is a great way to kick off your college career," Carlson says.
Carlson says COVID-19 is helping your odds of being able to negotiate with schools because of all the uncertainty they’re facing.