Graduate school can be expensive, but it doesn’t have to be if you’re savvy about finding money that you don’t have to repay.
Your financial aid package for graduate school may include any combination of grants, fellowships, assistantships, work-study, scholarships and loans. If it doesn’t quite cover everything or may put you in heavy debt, explore ways to get more money for school.
“An accepted student can always appeal, but extra money is never guaranteed,” says Jack Wang, college planning strategist and wealth advisor for Innovative Advisory Group.
He advises students to first figure out the rationale for appealing their financial aid package. “Was there a change in financial circumstances, or are you making a so-called ‘just because’ appeal? That determines who the student should ask, financial aid or admissions.”
Finding ways to get more money from your grad school may require polishing your negotiating skills. However, Wang warns to never use the word “negotiate” because college administrators dislike the term.
“The word is ‘reconsider,’ as in ‘I hope you can reconsider my award package based on….'”
Here’s a step-by-step guide to help you secure extra funds.
Show Initiative
Asking for more money can be uncomfortable, but having a conversation with the grad school program is a good start, experts say.
“Start connecting the dots to the people who will make the decision on your financial aid package,” says Michelle Stockman, a college, MBA and grad school admissions consultant for Accepted, an admissions consulting firm.
[READ: 7 Strategies to Pay for Graduate School]
Once you’ve been informed of your acceptance, she says, follow up and ask whom you should speak with about your financial aid package, and then set up an appointment.
“If making an appeal due to a change in financial circumstances,” Wang says, “make sure to provide details on things that have already happened — such as a job loss or significant, extraordinary expenses — and not on what is going to happen. Provide as much detail as possible.”
Students making the “just because” appeal should be sure to discuss how they will contribute positively to the college community, he adds.
“In other words, how will the college benefit from having the student attend beyond being just another body?”
Ask Politely
Complaining that you didn’t receive enough money isn’t the right approach, but asking nicely can go a long way, experts say.
“You must communicate how meaningful you find the program for your future career. If what they offer is not enough, state that you have to consider the cost and promise to get back to your contact by a set date,” Stockman advises.
After some time has passed, she says to reconnect and “communicate that you very much want to attend the program, but because it is so expensive, is it possible that they could offer a higher package?”
You can also mention that the salaries in the area or country where you live or in the industry you plan to pursue are lower, and that more aid in your award package would help you pursue that impactful career, she says.
“I worked with a student who hesitated to accept an offer due to his (financial aid) package and the expenses he faced attending grad school in a very expensive city. He clearly communicated, always responding by dates agreed on with his contact and ultimately he was awarded close to a full ride,” Stockman says.
She warns students to avoid sharing a dramatic story about personal debt, family obligations or being unaware of the price that came with the program.
“They expect you to have done that research before applying. If you sound entitled, rather than thoughtful, they might be less inclined to dig deeper for you,” Stockman says.
[Read: Is Graduate School Worth the Cost?]
Be Honest
When reaching out to ask for more money, stick to the facts. Honesty is important, especially since proof may be required to back up your appeal, experts say.
Wang advises students not to exaggerate or fabricate need or financial hardship. However, it’s fine to “use packages from other colleges to ask if a college will offer more aid or match aid,” he says.
In doing that, use only colleges that are competitors on the same level.
“For example,” Wang says, “do not use the award package from a regional public college against an Ivy League college, as the Ivy League will not view the other school as being comparable.”
Ask the Academic Department
A school’s financial aid and admissions officers aren’t the only ones who can provide students with more money. Grad students can go directly to their program or department to request more funding.
“It pays to ask everyone connected,” Wang says. “Admissions can offer more scholarships or grants. Same with financial aid. But academic departments may be able to offer program scholarships, fellowships or even teaching assistant positions that can help cover tuition.”
Stockman says the clients she’s worked with who negotiated packages, including some full rides, “always were in contact with the financial aid office for the specific grad program.”
[Read: 3 Ways Graduate School Pays Off]
Set Yourself up to Ask Again Next Year
If you strike out one year, there’s always the next year.
“A student can always appeal for the second year, though the odds of success would be lower unless there is a significant change in financial circumstances. Non-need-based aid is less likely to change,” Wang says.
But it never hurts to ask, experts say.
“It is absolutely worth trying for more money the second year,” Stockman says. “By this time, you can build a relationship with the financial aid office and a reputation in the program.”
She says it’s important to focus on your performance and then, the following year, visit the financial aid office and ask if they can free up more money for you.
“I have seen this happen multiple times, and it happened in my own case,” Stockman says. “It was not a huge amount, but every little bit counts to reducing your student loan burden, right?”
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5 Ways to Get More Money From Your Graduate School originally appeared on usnews.com
