Tuesday, February 14, 2006

Negotiation College Aid Is An Option

I talked a bit about how prepaid college plans might be an option worth looking at again die to the recent changes in the Deficit Reduction Act of 2005 signed into law last week by President Bush.

I came across an article titled A little help for families trying to pay college expenses which has some good basic information in it and some of the pros and cons with different college saving plans.

Toward the end of the article is a great little piece of advice that I haven't seen often thus far when looking at ways to save money on college costs:

A further option, Harrington says, is to negotiate a package with college-aid offices that includes tax-free loans and grants. "Too few people know that negotiating is an option," Harrington says.

My uncle is big into negotiating and feels it is one of the best ways to keep your hard earned money so he perked up when he came across this little tidbit (and made me look at it twice even though I can't even read yet).

Don't simply accept the college aid that is given, but go back and try to negotiate for more. The worst they can say is "no" and if you can negotiate a better deal, it could mean hundreds to thousands of dollars saved. I'm not remembering a lot yet, but that is one tip I will keep in my mind.

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