Experts Urge Families to Negotiate Lower College Tuition Costs
Colleges face declining enrollment, making them more open to tuition discounts.
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In the US, families, even in the lower income bracket, already assume that the price of college tuition is already set in tone. But experts say it's not.
Recently, reports are saying that fewer students are enrolling in colleges and universities. As a result, higher education institutions are becoming more open to offering discounts just to welcome more students.
Jon Marcus, a higher education expert, tells CBS News that most schools will now accept a majority of their applicants. However, the challenge for students is to make their families to negotiate reduced tuition fees or better financial aid packages.
Statistically, about 87% of colleges accepting more than half of their applicants, which places the power toward students and their families. Schools are giving larger discounts because they're facing declining enrollment, especially among 18-year-olds. With no plans to recover this issue, this decline is expected to worsen starting in 2026.
Haggling College Tuition Fee: Is It Possible?
Families can take advantage of this by asking for better financial aid offers or additional grants and scholarships. Negotiation is particularly helpful at private schools, where tuition discounts are more common. Colleges are also facing financial difficulties. Some smaller colleges have already shut down because of declining enrollment and increasing costs.
These challenges mean schools are motivated to attract and retain students. Families should take this as an opportunity to ask for adjustments to their tuition bills.
According to Fulton Bank, negotiating tuition fees does not need to be complicated. Comparing financial aid offers at other schools and asking your favorite choice school to match a higher one is a place to begin. If an appeal gets denied, do not shy away from contacting them again this time with more information explaining their necessity, such as due to a recent hardship suffered by the family.
In total, the negotiation of college tuition could save thousands of dollars for families. Since costs are increasing and fewer people are applying, it's the right time to negotiate for better deals. After all, it never hurts to ask.
