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Negotiating a Scholarship [Master Thread]

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Re: Negotiating a Scholarship [Master Thread]  [#permalink]

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New post 02 Apr 2020, 07:21
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Wow!
Thankyou bb for the advice.
I was able to negotiate my scholarship by asking indirectly,
Give it a shot, who knows.. it might work for you as well.
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Re: Negotiating a Scholarship [Master Thread]  [#permalink]

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New post 03 Apr 2020, 21:25
Justin13 wrote:
Wow!
Thankyou bb for the advice.
I was able to negotiate my scholarship by asking indirectly,
Give it a shot, who knows.. it might work for you as well.


Thanks so much for sharing! That's great (this method also worked for me back in my day!)

For reference, this is bullet #5 on the list. The reality is that AdCom outreach members try to bring students to school. Their job is to recruit you and they actually do take personal interest in applicants and they root for you so if you are a committed person, they will be able to help behind the scenes to help "their" applicant get through and perhaps shift some of the funds sitting around for a rainy day towards an applicant who would be a worthy addition to the program and also someone they have been talking and working with, so as much as you can, network and maintain your relationship with the AdCom outreach team, no matter how junior they may be.

Quote:
Ask indirectly if possible. Instead of going directly to the Director of financial aid, perhaps ask the AdCom person you befriended (if you have) to see if they can check for you. This only works if you have a relationship but I am a believer that it works better if you have someone else doing the bidding for you.

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Re: Negotiating a Scholarship [Master Thread]  [#permalink]

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New post 06 Apr 2020, 07:14
indeed some programs are more willing to entertain scholarship negotiations than others. from my personal experience I believe that big universities are easier to persuade and get a successful negotiation than smaller universities.
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Re: Negotiating a Scholarship [Master Thread]  [#permalink]

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New post 15 Apr 2020, 05:36
Thankyou BB, for the Negotiations Tips !
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Re: Negotiating a Scholarship [Master Thread]  [#permalink]

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New post 25 Apr 2020, 08:51
1) If you don't ask, the answer is no.

2) The admissions office is to put together the best class possible. They thought the class would be best if you were a part of it. Most schools have loads and loads of money. Asking them for additional financial aid so they can keep their commitment to the board of directors of the school to deliver the best class possible is you actually helping the school ... and you help them by being honest about your financial situation.

3) Asking is good practice for asking your prospect to hire you ... to get a job, or a promotion or raise at you job ... etc ...

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Re: Negotiating a Scholarship [Master Thread]  [#permalink]

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New post 27 Apr 2020, 08:22
bb wrote:
It's almost 2020 and at this time, I feel almost everyone tries to negotiate their scholarships. The success rate is fairly low and I would say schools more often than not seem to adjust things on their own, including sometimes admitting applicants from WL with a scholarship - that was a shocker to me but it happens.

I would start by saying that probably 95% of attempts to negotiate fail (that's my unofficial stats but it is hard to have the exact numbers since people who do negotiate and succeed are often under a request not to disclose their new fortune from adcom so the failure rate may actually be lower, around 90 or 85%).


Successful Negotiation Stories:
1. Fuqua Successful negotiation
2. Sample successful letter sent to Stern
3. Tepper R2, 2019, Female applicant
4. Sample Letter sent to Owen for Scholarship negotiation
5. Older thread from female applicant, negotiated likely with Booth


The Best Ways to Negotiate a Scholarship..
Welcome other folks thoughts, esp if you were successful:

  1. Thank you letter to the adcom - this works best if you have an adcom member you have befriended or interacted on a number of occasions who was kind of your champion, though I kind of feel it works best in a 2-stage approach. Send a pure thank you note first right after the admit. Then a week or two later, follow up that you have been working on financing and have a gap/need.

  2. Leveraging another offer, esp if this is a competing school (e.g. Ross/Fuqua/Stern) and send a nice message asking if there is anything you could do to improve your candidacy for consideration of any other financial aid opportunities such as named scholarships, fellowships, Teaching Assistanships. Some folks feel that unless you have another offer you can't really negotiate efficiently.

  3. Be nice and polite. Don't demand. Try to appeal instead of threaten; it goes further.

  4. Be specific - don't ask for money but ask for a specific amount. I feel this is a lot easier for the school to digest if you have an exact amount (along with why) you are seeking. E.g. I am able to borrow 100,000 but I am still short $25,000/year and not able to have that portion financed. I also think you can ask for amounts per year, which makes the figure smaller and that's how adcom seems to think/function anyway.

  5. Ask indirectly if possible. Instead of going directly to the Director of financial aid, perhaps ask the AdCom person you befriended (if you have) to see if they can check for you. This only works if you have a relationship but I am a believer that it works better if you have someone else doing the bidding for you.

  6. Decision extension = scholarship? One user reported asking AdCom to delay their decision (deposit) date which obviously would be for waiting on another school's admit decision which signals to the school that they are not the first choice, and instead they received a scholarship offer back. To their surprise. Sometimes you can ask for money without asking for it I guess.



Scholarship Tips:
How to evaluate Multiple Offers - Summary of a Chat with Admissions Consultant
A tip from an Alum - Negotiate Shamelessly :)
https://gmatclub.com/forum/negotiate-a- ... 55712.html
https://gmatclub.com/forum/negotiate-sc ... 46241.html
https://www.amerasiaconsulting.com/blog ... -the-offer
https://gmatclub.com/forum/negotiating- ... 14390.html





P.S. This often comes up - is there any downside to asking/negotiating? The fast and long answers are: No. You have an admit offer and I have never heard of anyone face any consequences for asking/confirming/clarifying their financial aid position.


Hi bb and everyone !
First of all, thanks for this amazing post.
I am trying to use the points discussed here to negotiate with UConn(Unfortunately No Scholarship ) while receiving $$$ from Babson.
I already wrote a thank you email and followed it up with a feedback to improve my chances of landing up with an aid or GA. However it was politely denied.
Now the issue is , I have 3 days left to confirm on the UConn offer and I have received the 1st denial on any scholarship consideration today.
I haven't disclosed to the UConn team about Babson scholarship yet , however with 3 days remaining , would you recommend following up with another email mentioning directly about Babson offer within hours of 1st denial mail or shall I hold for a day or two ?
Appreciate your views and feedback.
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Re: Negotiating a Scholarship [Master Thread]  [#permalink]

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New post 18 May 2020, 11:18
Is there any point in trying to negotiate a scholarship after paying deposits? I've deposited at a T15 ($0) and a T30 ($full), and already turned down a second T15 ($20k). And how can I use the COVID impact of likely causing the fall semester to be online to my advantage, if at all? Thanks!
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Re: Negotiating a Scholarship [Master Thread]  [#permalink]

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New post 18 May 2020, 11:30
Tactic101 wrote:
Is there any point in trying to negotiate a scholarship after paying deposits? I've deposited at a T15 ($0) and a T30 ($full), and already turned down a second T15 ($20k). And how can I use the COVID impact of likely causing the fall semester to be online to my advantage, if at all? Thanks!


You can try though I believe that it may not work in your favor with you having already put down a deposit.

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Negotiating a Scholarship [Master Thread]  [#permalink]

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New post 18 May 2020, 11:36
Tactic101 wrote:
Is there any point in trying to negotiate a scholarship after paying deposits? I've deposited at a T15 ($0) and a T30 ($full), and already turned down a second T15 ($20k). And how can I use the COVID impact of likely causing the fall semester to be online to my advantage, if at all? Thanks!


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Definitely would try. Not unheard of with 2 deposits. Rare and circumstantial to say the least. All depends though on how much the one school you are pulling away from values you and if you are ok with actually losing your spot if they don’t give you a scholarship. Let’s call it a game of chicken in short
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Re: Negotiating a Scholarship [Master Thread]  [#permalink]

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New post 18 May 2020, 11:40
singhkniraj wrote:
bb wrote:
It's almost 2020 and at this time, I feel almost everyone tries to negotiate their scholarships. The success rate is fairly low and I would say schools more often than not seem to adjust things on their own, including sometimes admitting applicants from WL with a scholarship - that was a shocker to me but it happens.

I would start by saying that probably 95% of attempts to negotiate fail (that's my unofficial stats but it is hard to have the exact numbers since people who do negotiate and succeed are often under a request not to disclose their new fortune from adcom so the failure rate may actually be lower, around 90 or 85%).


Successful Negotiation Stories:
1. Fuqua Successful negotiation
2. Sample successful letter sent to Stern
3. Tepper R2, 2019, Female applicant
4. Sample Letter sent to Owen for Scholarship negotiation
5. Older thread from female applicant, negotiated likely with Booth


The Best Ways to Negotiate a Scholarship..
Welcome other folks thoughts, esp if you were successful:

  1. Thank you letter to the adcom - this works best if you have an adcom member you have befriended or interacted on a number of occasions who was kind of your champion, though I kind of feel it works best in a 2-stage approach. Send a pure thank you note first right after the admit. Then a week or two later, follow up that you have been working on financing and have a gap/need.

  2. Leveraging another offer, esp if this is a competing school (e.g. Ross/Fuqua/Stern) and send a nice message asking if there is anything you could do to improve your candidacy for consideration of any other financial aid opportunities such as named scholarships, fellowships, Teaching Assistanships. Some folks feel that unless you have another offer you can't really negotiate efficiently.

  3. Be nice and polite. Don't demand. Try to appeal instead of threaten; it goes further.

  4. Be specific - don't ask for money but ask for a specific amount. I feel this is a lot easier for the school to digest if you have an exact amount (along with why) you are seeking. E.g. I am able to borrow 100,000 but I am still short $25,000/year and not able to have that portion financed. I also think you can ask for amounts per year, which makes the figure smaller and that's how adcom seems to think/function anyway.

  5. Ask indirectly if possible. Instead of going directly to the Director of financial aid, perhaps ask the AdCom person you befriended (if you have) to see if they can check for you. This only works if you have a relationship but I am a believer that it works better if you have someone else doing the bidding for you.

  6. Decision extension = scholarship? One user reported asking AdCom to delay their decision (deposit) date which obviously would be for waiting on another school's admit decision which signals to the school that they are not the first choice, and instead they received a scholarship offer back. To their surprise. Sometimes you can ask for money without asking for it I guess.



Scholarship Tips:
How to evaluate Multiple Offers - Summary of a Chat with Admissions Consultant
A tip from an Alum - Negotiate Shamelessly :)
https://gmatclub.com/forum/negotiate-a- ... 55712.html
https://gmatclub.com/forum/negotiate-sc ... 46241.html
https://www.amerasiaconsulting.com/blog ... -the-offer
https://gmatclub.com/forum/negotiating- ... 14390.html





P.S. This often comes up - is there any downside to asking/negotiating? The fast and long answers are: No. You have an admit offer and I have never heard of anyone face any consequences for asking/confirming/clarifying their financial aid position.


Hi bb and everyone !
First of all, thanks for this amazing post.
I am trying to use the points discussed here to negotiate with UConn(Unfortunately No Scholarship ) while receiving $$$ from Babson.
I already wrote a thank you email and followed it up with a feedback to improve my chances of landing up with an aid or GA. However it was politely denied.
Now the issue is , I have 3 days left to confirm on the UConn offer and I have received the 1st denial on any scholarship consideration today.
I haven't disclosed to the UConn team about Babson scholarship yet , however with 3 days remaining , would you recommend following up with another email mentioning directly about Babson offer within hours of 1st denial mail or shall I hold for a day or two ?
Appreciate your views and feedback.


Definitely worth pushing but If they are taking that long your prospects aren’t great. However In a Covid environment schools should be hurting

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Re: Negotiating a Scholarship [Master Thread]   [#permalink] 18 May 2020, 11:40

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