Evaluating Financial Aid Award Letters
After you have applied for financial aid, the schools where you have been accepted present you with a financial aid package. This is typically a paper or online letter that outlines the total cost of attendance and the types and amounts of aid the school is offering.
Not every school provides the same amount or type of aid. Colleges have different resources to offer students, and there are different strategies to award aid. Some have more scholarships or grants available, while others rely on loans to meet students’ needs. Similarly, some schools strive to award aid equal to 100% of the family’s eligibility, and others provide what they can and encourage parents and students to seek other sources to fill the gap.
When you receive your award letters, it helps to compare the offerings of the schools you really want to attend.
- Look at both the total amount of aid received and the types of aid extended.
- Pay close attention to scholarships and grants to determine if they are one-year awards or if they will carry forward as your studies progress.
- If loans are part of the package, determine if the repayment amounts will be reasonable based on the salary you hope to earn after you complete school.
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