Are college costs fixed? Here's how to negotiate

May 4, 7:28 AMCollege Admissions ExaminerLauren Starkey

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Surprised at the thought of admissions office markdowns? You shouldn’t be. High-achieving students, whether in the classroom, ball field, or concert hall, have known for years that their skills will affect the bottom line—in their favor. Scholarships and merit aid are nothing new. But did you know schools have more to give? There is bargaining room in those tuition bills.

 Let’s start with merit aid. One school has offered it. But you’re also interested in schools B and C, which haven’t presented you with a dime. In this economy, one of them might really need you. REALLY need you. School A’s merit aid package becomes a bargaining tool. “I’d love to come to your lovely school B, but look what school A is willing to give me.” As I’ve reported before, this strategy can pay off.

The Seattle Times reported this weekend that you should also question schools about the amount of family need (as calculated by the Free Application for Federal Student Aid, or FAFSA) they’re willing to cover. Need is defined as the sum between what you’re expected to be able to pay and the actual cost of attending.  If school A costs $25,000 a year and FAFSA’s equation says you can afford $12,000, your need is $13,000 a year. Many schools don’t expect you to carry all of that in loans. They have work-study programs, grants, and loans to help close that gap. The more selective the school, the more likely it is to meet 100 percent of a family's need, said Todd Johnson, president of College Admissions Partners in Minnetonka, Minn.

But you have to ask. Johnson continued, "People need to be asking questions of schools that schools don't necessarily want to answer." And the ones who will probably answer positively are those selective schools. Don’t walk away because of sticker shock, in other words. A small, expensive, selective school can in some cases leave you with less student debt than a large state university.

What other questions can lead you to some cost-trimming? How many credits must you take at School A? A semester at a less expensive school can save you thousands. Can you graduate early? Taking an extra class for a few semesters can eliminate room and board and other charges for a half year or more.

Consider college costs in a retail setting. The markup is there, and it’s up for negotiation. You just need to know what to ask for.

Want to learn more? Check other "Money for College" columns (listed at right) for cost-trimming ideas.