A financial aid offer is often a key component of the college decision making process.
Financial aid offers are not always alike and comparing offers can be challenging. To effectively review offers, here are some key points:
- Cost of Attendance – The offer should include information about the college’s total estimated cost of attendance. Make sure you know and understand what is included in the total cost of attendance. If the information isn’t on the offer, contact the college’s financial aid office for the information.
- Grants and scholarships – Grants and scholarships are the best type of aid because they typically don’t have to be repaid. However, make sure you understand any requirements or obligations that come with accepting the grant or scholarship.
- Loans – Student loans can help fund an education, but loans must be repaid. Make sure you understand the terms and conditions of the loan and only borrow what you need.
- Work-Study – To be eligible for federal Work-Study, a student must have financial need as determined by completing the FAFSA. Federal Work-Study provides an on-campus (and sometimes off-campus) job for a student, who can use the earnings to pay for education and living expenses. Not all schools participate in the program.
- Net Price – Subtract the total amount of grants and scholarships to determine how much money you will need to pay for your education.
While financial aid offers may differ in appearance from college to college, this sample College Financing Plan will give you an idea of what you might see.
