Advocating for Your Financial Benefit in Three Situations

More often than not, offers given to you are rarely the best offer possible. Check this article out to learn how to advocate for yourself and obtain the best possible offer.

By Al Dickenson — February 7, 2023

Tags: fafsa, financial advocacy, financial aid, financial literacy, financial planning, financial wellness

Advocating for Your Financial Benefit in Three Situations

More often than not, we are told that we have to accept whatever offers we are given, regardless of if the offer pertains to finances or other issues. Whether by people or institutions, there is a sense of "they are offering their best, I should accept it." However, that is not always the case. More often than not, the offers given are good offers; they are at market value, they make financial sense, and so forth, but they are rarely "the best offer possible." Ultimately, the best way to receive the "best offer" is to advocate for yourself and come prepared for any financial situation. There are three places in particular where everyone has the opportunity to negotiate a better offer.

FAFSA:

the Free Application for Federal Student Aid is a great example of a situation where a little negotiation can go a long way. Obviously, college can be a very expensive prospect. The FAFSA application, which should be filled out well before you plan to attend a higher learning institution, probably while still in high school, is something that can be negotiated. The first thing you need to do is demonstrate your financial need. If you are applying for FAFSA, chances are this demonstration will have already been completed. However, if you feel the aid offered is too low based on factors like school choice, income, and other expenses, you should counter the offer given. This may require a deep dive into your financial situation, but the end results could save you money in the long term.

First, understand that FAFSA benefits are based on the pre vious two years' income. If you can demonstrate that your financial need is greater than the provided aid, you may be able to obtain more funding from either the federal government or the school itself, which leads into the next point. If the previous two years' income for your or your parents/guardians is irrelevant, consider how that may impact your financial aid package as well.

School Financial Aid Offices:

Most, if not all schools, have an office dedicated to students' financial aid benefits. These are the individuals you want to connect with if you have any questions regarding your financial aid, and certainly the frontline soldiers in negotiating and financial aid. In regards to financial aid offices, many of the rules that applied to FAFSA would stand here. The key aspect is to demonstrate your financial needs. So much federal aid is not merit based (as in, based on grades), so the numbers are what really matter. With individual school aid, this may also be the case. However, do not be afraid to ask for merit-based financial help either. Most schools will be able to assist students with better grades, test scores, and so forth. Again, though, the key is to stress the relevancy of your financial situation, no matter how dire.

Job Interviews:

Now, this may seem like it is something to address only when you leave college, but that is not the case. According to a U.S.News report, about 70% of all students work while enrolled in college. Many of these jobs would likely be entry level roles, probably in a lot of service industries. Regardless, advocating for yourself in these roles can give you the understanding and practice needed to advocate for yourself in the future as well.

Negotiating a better offer for yourself in a job interview is a little different than in a school's financial aid office. While the financials, of course, matter (you want to be able to live comfortably from a job's pay, not having to struggle to make ends meet), another aspect of negotiating a job offer is what you can bring to the table. By highlighting your previous experiences and expounding on what you bring to the company (in other words, your very own "best offer"), you can advocate for a higher hourly wage or salary. Come to the interview, whether the first interview or the call to offer you the role, with an idea of how much you can and should make with this role. Perhaps your proposal will be a little too high for the position, but it may be possible to work with the hiring manager to attain a happy medium or fully attain your desired compensation. The same strategy can be applied when negotiating the role's other benefits, like insurance or hybrid and remote scheduling.

One of the worst things you can do with an employer is leave money on the table. In a job offer, the negotiation does not have to be the rapid-fire deal-making seen in movies or TV. Instead, a simple question like "is there any room for negotiation with X" can go a long way. If the answer is yes, then you can propose your idea or let them raise the bar first. If there is no room for negotiation, maybe that is another factor to consider when accepting the role or not. Either way, it never hurts to ask.

It should be noted that there are many other situations where negotiation can take place to get the best deal. These can include purchasing vehicles, homes, and other used items. More often than not, arguing with an insurance company can make it more likely they will cover more (or all!) of an operation or procedure. The key is to present the relevant information and approach each situation in a prepared and informed manner. Do not leave extra money on the table. If you have the opportunity to get a better deal, take it. Always remember, you are your own best advocate.

Al Dickenson

Al Dickenson graduated from Wisconsin Lutheran College with bachelor’s degrees in history, communication, and English. He currently serves as an editor for an international equine practitioners’ magazine in and around Milwaukee, Wisconsin, his hometown, where he lives with his wife.

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