Wednesday, Apr 26 2017 | Updated at 05:15 PM EDT

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Apr 19, 2017 11:11 AM EDT

Father Negotiates And Saves $120,000 in Child’s College Education [Video]

Financial Aid Negotiation
A father presents supporting papers of his daughter to negotiate higher financial aid.
(Photo : David McNew / Stringer/Getty Images)

College education costs can be reduced by negotiating with school administrators. This was what a father found out after a private school gave him discount for his child's college tuition fees.

Richard Goldberg, father of four children, was worried about paying for the education of his four children. He runs a marketing company and his child might not be able to get much from need-based financial aid.

When his eldest daughter qualified in a private school in Pennsylvania, he found out that the annual fee was $50,000. As he calculated the total expenses, he realized he, his wife and his children might spend a lifetime paying student loans. Mr. Goldberg went to the financial aid office of the school and appealed for more help. The school increased the scholarship offer to her daughter by $31,000 per year, CNBC reported.

A lot of colleges and universities had negotiable scholarships and financial assistance. However, these are not advertised. Parents and students who really want to enroll and come to them are usually given more than what was originally offered.

Parents and students are advised to be prepared with figures and credentials when appealing for more financial aid. It is important to determine how much money is still needed. An estimate of how much the parent and the student would contribute would be useful. The school would want to see if they are willing to do their part, too. A student with high grade point average and achievements might get more assistance easily, Money reported.

A student that indicated the college as his first choice might be given preference. A comparison of what other colleges offer might persuade financial aid officer to match their offer. Personal visits would be more helpful but if the appeal was sent by mail, making follow up calls would be helpful.

Mr. Goldberg's willingness to do all so that his daughter would get college education at less cost paid off. His efforts brought his daughter $120,000 discount for four years.

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