Comparing Financial Aid Offers
Once the student is accepted to a college or university, they will receive a financial aid letter stipulating what level of assistance is being offered. These letters are all couched in different terms. Costs and aid are listed differently, and you can’t be sure what you’ve been offered or which school is the best deal.
Comparing Offers
It is essential to compare these offers, as each will undoubtedly be different, and those that provide the most dollar assistance may cost the family more in the long run. Here is a list of tips to use in comparing packages:
- Compare the debt first by adding up all the loans being offered.
- Compare unmet needs and the family contribution--the more need met may mean more family debt, and more gift aid may mean a larger family contribution.
- Make sure books and miscellaneous expenses are included in the cost the college used to figure out the family’s needs.
- Consider travel costs if institutions are some distance away.
- Determine if any outside scholarships are renewable and if the college will allow self-help portions of the package to be reduced by them.
- Compare the terms of any loans included--what the payments will be and the real cost to the family once they’re paid off.
- Check what aid is provided to upper-level students--Freshman award packages are often better.
- Write it all down and look at the numbers--don’t just guess which package will be less expensive.
- Compare the economic benefit of your future career with the need to incur substantial debt. It may well be worth it.
Our Funding Analysis
Let Campus Financial lay it out for you with our exclusive Funding Analysis. For each college or university, you will receive a data sheet detailing costs, Estimated Family Contribution, and financial aid awards. It calculates for you exactly what you are receiving, how it affects the bottom line, and what it means financially for the family monthly. From a budget standpoint, it gives it to you in black and white. In addition, it shows you how your award stacks up against the schools’ historical distribution of aid. Did you receive as much grant money as the average student attending that college? It could be a reason to call and discuss additional assistance.
Call our experts
We’re here to help! Simply call (804) 937-2288 to discuss your options.