College Decision Day: Step-by-step guide to comparing financial aid packages
Navigating the complexities of financial aid packages? Know how to decipher grants, loans, and hidden fees to make the best college decision for your future.
As a high schooler preparing for college admissions, one of the most exciting (and stressful) moments is when you receive your financial aid packages. Colleges generally send out different offers with various amounts of financial support to students. However, it can be quite tricky to figure out which is the best deal for you.
Here’s a guide to help you make informed decisions regarding your college’s financial aid packages:
Step 1 – Check out the Total Cost of Attendance (COA)
The COA includes tuition, room and board, textbooks, fees, transportation, and personal expenses. Every school might have a different COA but it is important to check and analyse the entire picture before you go ahead.
Step 2 – Focus on college grants and scholarships
Grants and scholarships are the best forms of financial aid as they are based on the student’s merit rather than anything else. They’re basically ‘free money’ and should be a major factor when comparing financial aid packages. One more advantage of grants and scholarships is that they don’t have to be repaid, which can make a huge difference in the total COA.
Step 3 – Understanding loans
Unlike grants and scholarships, loans are to be paid back, that too with interest sometimes. When comparing packages and offers, check out how much you’re being offered in student loans while also keeping an eye on the interest rates on the loans.
Step 4 – Work-study jobs
These programmes offer part-time jobs on campus that allow students to earn while they’re in school. This can be a great way to begin earning to offset some of your costs, but it is also important to assess how many hours you can work, just so your studies aren’t hampered. Moreover, check the amount of money you will receive from doing the job and whether you’ll be able to fit the work hours into your schedule.
Step 5 – Look out for additional fees or hidden costs
When you’re comparing the financial aid packages, be aware of any hidden costs that are not mentioned in the offer. Some schools have additional fees for facilities like technology, student health services, or parking.
Step 6 – Negotiate if it’s necessary
If one school offers you more financial aid than the other, or if your financial situation has changed since you first applied, reach out to the financial aid office to negotiate the aid packages.
