Getting a Good Deal

If you're applying for financial aid at more than one school,

you may receive several different financial aid award letters. Take a close

look at the letters and compare:

The cost of attendance. The more expensive a school is, the

more financial aid you may need to make ends meet. A high cost of

attendance may not be a problem as long as you have the resources

to pay for it. Make sure you know what items are included in the

cost of attendance, and compare the figures with your own

estimates.

The expected family contribution. This is the amount you and

your family are expected to pay. It is not financial aid. You

and/or your parents may be able to borrow an educational loan to

help you come up with the expected family contribution.

The financial aid package. Remember that grants and

scholarships are gifts; you do not have to pay them back or work

for them. Compare the total gift aid (grants and scholarships) to

the cost of attendance. A high proportion of gift aid in the

package may mean you will not have to work or borrow as much to

meet your expenses. If you do need to borrow, you should know

that terms and conditions of educational loans vary. Make sure

you understand the conditions and costs (i.e., interest rate,

loan fees) of the loans that are offered to you.

Unmet financial need. If the aid offer does not contain enough

aid to cover all your financial need, you will have to come up

with this amount on your own, in addition to the expected family

contribution. It may mean more borrowing or finding a part-time job.

Conditions of the aid award. Note the things you must do to receive and keep financial aid.

Information from the U.S. Department of Education.

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Can I Afford This?