I'm a college expert, and the biggest mistake I see students make is not negotiating their financial aid offer. Here's how to do it.

• Most colleges will let you negotiate your financial package; they just don't openly admit it.
• To do so, you must do your research to see how much the school is offering other students.

For most students, the college-selection process is all about three big questions: Which school is the right fit, can I get in, and can I afford it?

Affordability often comes down to how extensive a student's financial-aid offers are — including grants and scholarships. Most students think the buck stops with the financial-aid package they initially receive. They look at the numbers and think: "That's it. This is my one and only financial-aid offer. That's all the money I'm going to get."

But I'm a college-education expert and one of the authors of "Commencement: The Beginning of a New Era in Higher Education," and I've seen countless students negotiate a higher deal.

If you're an incoming freshman, you have every right to go back to the college or university and renegotiate your financial-aid offer. Here's how to do it.

First, you need to understand that your tuition can be significantly discounted

Colleges and universities — like most car dealerships — have a "sticker price." That's the tuition price listed on the school's website. But then there is the actual price that students and families pay. The difference between the sticker price and the actual price is called a "tuition discount," and schools don't apply those discounts automatically. You must ask for them; sometimes, you must fight for them. Even the most "elite" colleges and universities discount their tuition — they just don't openly admit it.

In 2021, the average tuition discount for private colleges and universities in the US was about 54.5%. That means a $40,000 tuition price tag often gets reduced to $18,200, but only if you ask for it.

Next, you need to do your homework

When you sit on an airplane, the odds are that the person next to you paid a different price for the flight. The same is true for college education.

What you need to do is head to TuitionFit.org and find out what offers other students with similar high-school GPAs and ACT or SAT scores have received in their financial-aid award letters. Create a spreadsheet and input all that information. It's important to stay organized when doing your research.

Once you've collected that data, it's time to negotiate

For starters, asking for money can be difficult and anxiety-inducing. Start by practicing and pretending you're talking to your admissions rep or financial-aid officer. In a mirror, say out loud, "What else can you do to make this more affordable for me and my family?" From there, strengthen your argument by using the data you've collected. It's altogether more effective to say, "You've offered 12% more aid to other applicants this year, and I'm simply expecting the same deal you gave them."

Now, pick up the phone, schedule a Zoom meeting, or even make a trip to meet with your admissions counselor face-to-face and have the negotiation conversation. What you invest in your education is no small matter, so don't attempt to negotiate via email, text, or online chat.

They'll probably tell you that "they'll see what they can do" and will follow up with you soon. Sit tight.

When they get back to you, your revised financial-aid package will likely look more attractive — thanks to your willingness to negotiate. Whether the new out-of-pocket cost is $500 less or thousands less, it's a win.

After negotiating your tuition down, remember to make sure all your credits transfer

Most colleges charge by the course, credit, or term, so the more classes you take and the longer it takes you to finish a degree, the more it costs. So, be sure to get all the transfer credits you are due — for dual-credit and AP courses, plus credit for prior learning, including skills you've already mastered in the military or on the job.

Halfway through your first semester, have another conversation with the financial-aid officer

Once you start school, the financial-aid office is still at your disposal. You can still negotiate your financial package.

You should visit your financial-aid office on campus if you or your family have had any changes in financial circumstances — such as losing a job.

If all else fails, turn to your employer and ask them to foot the bill

Many employers — including part-time employers of high-school and college students such as KFC and Chipotle — have collegiate partnerships so you can earn a college degree with less or zero debt. Always ask about employer-sponsored tuition reimbursement at your job interview or whenever you start thinking about college.

Some companies — including CVS, PepsiCo, Intel, Meijer, and Home Depot — even offer tuition support for their employees' children, so be sure to have your parents or guardians do their homework, too.

If your tuition costs are still too high, know when to walk away

There's a chance your top college is just too expensive — even after you've tried all the negotiation tactics. You need to be ready to move on. There are schools that will give you the financial-aid offer and the transfer-credit evaluation you deserve.

Remember the goal here is to make sure you don't go into a lifetime of debt. No college — not even your "dream school" — is worth that cost.