It's Spring and I thought sharing some common sayings and quotes about April, often associated with its weather and the beginning of Spring would be fun: "April is the kindest month. April gets you out of your head and out working in the garden," "April, the angel of the months, the young love of the year," "April prepares her green traffic light, and the world thinks, 'Go!'" "April showers bring May flowers," "Men are April when they woo, December when they wed," "No Winter lasts forever; no Spring skips its turn. April is a promise that May is bound to keep, and we know it." Decisions, Decisions, Decisions This is a big month. Huge, in fact. That's because April means making decisions by May 1st, which is National College Decision Day. You may not yet have all the information you need to make a rational decision. You'll need to make holistic comparisons of academic fit, affordability, and personal gut feeling. Key factors include: evaluating financial aid packages and net costs, going to an admitted students day (especially important if the student hasn't visited the campus yet) to gauge culture, analyze program strength in the intended major, and assessing location, safety, and student life.
As much as we discuss college affordability, money shouldn't be the only deciding factor. An institution's prestige should not weigh too heavily, either. Most of the top-ranked colleges are only hard to get into, but don't necessarily deliver the academic goods. So, looking beyond the surface and focusing on academic programs, teacher-to-student ratios, internships, research opportunities, job placement, and outcomes for graduates is critical and should supersede rankings. I'm going to give you a few bits of advice that should be included in your deliberations.
Of course, the college itself should have enough opportunities for the student to continue activities they are already enthusiastic about. Having good reasons to spend weekends on campus rather than going home makes for a more satisfying and memorable four years. For what parents are paying, their student should be ready to stretch, grow, and, as I like to say, "Suck the marrow from the bones." NOTE: According to new data from Inside Higher Ed's2025 annual Student Voice survey of 5,000 students found over a third of students (36 percent) haven’t participated in a single extra- or co-curricular activity. Advice on Negotiating Financial Aid Many colleges have an office of student enrollment. Enrollment managers oversee the entire student recruitment and enrollment process, from attracting prospective students to ensuring a smooth transition into the institution, often managing admissions, financial aid, and related services.
Boiled down to a few words, their job is to put enough "heads in the beds" at the highest possible price. They accomplish this using a formidable array of data analytics tools. So sophisticated are these tools that parents and students are no match for them. That's why targeting a list of colleges where the fit is precise is so important. Having that list of schools helps you beat the odds of overpaying. That way, students get the best education, and parents don't add to the list of risks when investing for their retirement. If you're new to my newsletter or haven't yet been informed, public (and especially out-of-state public) universities don't bargain/negotiate scholarships and/or grants just because another public or private college gave a student more free money. However, they can accept an appeal based on financial circumstances that don't match the circumstances on a family's 2024 Federal Tax Return. Long ago, colleges figured out that to get desirable students enroll, they may have to give up some money. It's important not to be intimidated by what the private college tells you to pay. The closer May 1st gets, the more fluid the college's position may become, making it likely your student can be awarded additional funding. It's almost there for the asking. Your student may already have received a note from a college offering more scholarships or grants. If they didn't, have your student contact the college and ask them for help. The phrase, "If you don't ask, you don't get," applies here. But some colleges, especially private ones, wait for your student to reach out and ask for help, which is my code for more free money. As I said, a few may contact you first, even after May 1st, but don't wait.
We all know what a loss leader is: a pricing strategy where a product or service is sold below its market value or cost price to attract customers, increase store traffic, and boost sales of more profitable, complementary items. Parents should ask the financial aid office, all things being equal; i.e., no significant change of finances, if their student's award will keep up with each year's increase in tuition. This year, I'm seeing an average increase of 7% in tuition and fees for 2026-2027 compared to last year. Don't feel bad or intimidated about asking for more funding. In reality, what you are asking for is a "tuition discount." These tuition discounts are already part of the formula they use to attract students they want. They're already baked into the cake, so to speak. Chances are 70-30 that if a typical private college is asked for more money, the student will get more. A Deeper Dive You Do Have An Edge? Parents and students are in the driver's seat. Colleges are literally at the mercy of teenagers. Right now, they're going into panic mode because a bunch of 17 and 18-year-olds is determining their very existence. As May 1st approaches, the level of anxiety increases. Let this work for you.
Colleges need to admit more students than they have room for. This is because soon after seniors graduate from high school, something called the "summer melt" happens. The summer melt is when students who have already committed, for various reasons, decide they aren't going to that college. Obviously, this opens up seats, and colleges with waitlists will begin drawing from them. Also, it used to be illegal for colleges to approach students after May 1st. But no longer. Schools can contact admitted students who didn't enroll and offer additional aid. In some cases, much more. The Granular Level Families ask about negotiating aid for three reasons: their family's financial situation has changed, they are shocked to learn that they don't qualify for extensive need-based aid, or they know they have no need, but read that Washington Post story about how everyone should try to negotiate for a scholarship. Financial Aid offices understand that bad things can happen to great families, and they want financial aid outcomes to match the family's current income. Financial aid is based on an old income year; if the family's financial circumstances have changed-- for example, if a parent has become unemployed in the student's junior or senior year-- schools have mechanisms to consider a more current income year.
The student and parent should contact the Office of Financial Aid to initiate an appeal, asking that the financial aid advisor consider making a professional judgment to use a more recent tax year. Documentation will be required, as will some patience with the process. Sometimes there is an error in the data. If the financial aid outcomes don't seem to match what you know about the family, they might want to reach out to the financial aid office to double-check the aid applications. The CSS Profile and FAFSA are not the most intuitive of forms-- this would not be the first family to have checked an errant box or added an extra zero in just the wrong place. If so, the financial aid office can correct that entry and update the award if the change affects it. Finally, some families are also seeking merit aid, negotiation, or package matching. They may say, "We know that we don't qualify for much, but our student has worked incredibly hard and is amazing." That's nearly always true -- they have worked hard, and are amazing! But not every school prioritizes merit aid, and a few schools have a firm, "no negotiation" policy on merit aid. If a parent wants to ask for additional non-need-based aid, they should first take the time to understand the context of the school so they have a realistic expectation of the likely outcome. At most schools, it is fairly easy to find the academic profile of the "average" admitted student. If the student's record is not significantly above that average, merit aid is unlikely. Students and families can also use the Common Data Set to find out how many students receive merit awards (hint: just Google "common data set" and the name of the school), and find Section H2 "Number of Enrolled Students Awarded Aid." There are several useful stats in Rows A, C, E, F, and O. Most importantly, you will see under the header "First-time Full-time First-year Students" Row I, percentage of need met for students awarded any need-based aid. And finally, do some simple math to figure out the number of students with no financial need who were given a university award by dividing Row N by Row A. For example, here is Section H2, page 21 of the 2024-25 Common Data Set for Duquesne University:
I also recommend looking at sections C9-C12. This is where parents can find how competitive their student is at a particular institution. The closer the student is to the top 20% of applicants, the higher the likelihood of a preferential financial aid package. If you are curious as to the school's four-year graduation rate, look to B4-B21 Graduation Rates. The first table is the most relevant: Divide D Total into C Total and you'll have the four-year graduation rate. Private nonprofit four-year colleges have an average 4-year graduation rate of approximately 76%. The average four-year graduation rate at public four-year universities in the U.S. is approximately 34% to 71%, depending on the data source and inclusion of varied institution types. Again, using our example Common Data Set for Duquesne University: Fall 2018 Cohort
When asking that a school consider increasing the award because the student has a larger offer from another school, consider the relative standing of the schools. Even among schools that will consider matching awards, there is little point in asking Princeton to match the financial aid offer from the North Podunk School of Massage. The stronger a school's reputation, the less they need to offer merit aid to enroll its desired class. When talking to financial aid, consider the audience. The Financial Aid officer on the other end of the email/call is required to follow many complicated (and at times mysterious and frustrating) Department of Education and University policies. Their office undergoes at least five audits a year, so their work is very closely monitored. They talk to hundreds of families who have hundreds of unique circumstances, some of which are simply tragic. They want to be fair and equitable. Patience and understanding that the desired outcome may not always be attainable is always appreciated. The amount of the award itself must also be considered in context. Consider the graduation rate at the school-- if graduation in four years is not the norm, what would be the additive cost for a fifth year of tuition, room and board? The cost of that fifth year will quickly erase the difference between a $10,000 scholarship at school A, and no scholarship at school B-- not even factoring in the one-year delay in starting a job and earning a salary. Finally, If you don't ask, you don't get. The magic formula is simple: ASK, an acronym for "Ask and you shall receive, Seek and you shall find, and Knock and it will be opened to you." Feeling Pressured to Borrow-- Don't Be
Some colleges push students to accept loans even before they've received their deposit. This is a psychological trick used to create FOMO (Fear of Missing Out) and incite the student to feel as though the college really wants them to attend. Pure marketing. Don't fall for it. They can apply for the loan anytime throughout the school year. Award letters typically include loans. There are two federal loans that new undergrads are offered. One is the Subsidized Direct Loan. Subsidized loans have the interest paid for them by the government for as long as the student is a half-time student or better. The other is the Unsubsidized Direct Loan, and the interest begins accruing immediately. Other than that distinction, the loans have exactly the same terms and features. Repayment on both loans begins six months after the student graduates, pauses classes, or drops out.
The newest college funding techniques are increasingly focused on reducing long-term debt through alternative financing, employer partnerships, and maximizing tax-advantaged savings, particularly with FAFSA changes. Key innovative strategies for 2026 include Income-Share Agreements (ISAs), accelerated 529 plan rollovers, and massive expansion of "free tuition" initiatives for middle-income families. One of the most promising developments in the realm of educational financing is the concept of Income-Share Agreements (ISAs). ISAs are a relatively new way to finance an education. Instead of taking out traditional student loans, students agree to pay a percentage of their future income for a set period of time after they graduate. Think of it like an investment in future earning potential. How do ISAs work? Here's the basic idea:
The Pros and Cons of ISAs Pros:
Cons:
Factors to Consider Before Entering an ISA
This is one novel approach. It's important to research ISAs thoroughly and understand the risks and benefits before deciding if they're right for you. There will be additional techniques and strategies in the months ahead. Talk to your guidance counselor, financial aid office, or an independent financial advisor for more information and to explore all your funding options. Until next month... Bob Chitrathorn P.S. If you find this newsletter helpful, please share it with others like yourself! Bob Chitrathorn CPFA® President, Founder, Sr. Wealth Advisor Wealth Planning by Bob Chitrathorn (951) 465-6409 Office Copyright © 2012-26 CTS, Inc. All rights reserved.
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