This study analyzed the ability of college students to bargain strategically in the financial aid process. A bargaining model of the financial aid process was developed and used to evaluate the effect of increased number of acceptances into different colleges on a student's financial aid package. A theoretical model was developed using a first-price sealed auction model. This model was evaluated using empirical evidence from the 1996 National Postsecondary Student Aid Study, which contains details about the composition and quantity of students' financial aid; demographic, financial, and opinion data from students and their families; and institutional data from the college the student is attending. Data analysis indicated that an increase in acceptances increases student financial aid. The results indicate that the financial aid process needs to be analyzed not only from the strategic perspective of the college, but also from the student's strategic perspective. Students can maximize their financial aid offers by increasing the number of schools to which they are accepted. Many students are currently under-applying due to lack of information discussing strategy from their perspective. (Contains 21 references.) (SM)