Evaluating Financial Aid Awards

As you receive financial aid offers (also called "financial aid packages" or "financial aid award letters") from the colleges that admit you, review these offers carefully. There is no standard financial aid offer or award letter format. Each college has its own way of reporting and itemizing your aid package. This can make it difficult to understand which combination of price and student aid award is best from offer to offer. Be a wise consumer! Make sure you understand what is being offered and what you are accepting.

For example, pay particular attention to how much you have been awarded in grants vs. loans. Note the proportion of loans to grants—and the actual amount your family will pay -- each year! Figure out whether the grants are for one year or can be renewed.