Evaluating Financial Aid Packages

Each school that you listed on your FAFSA should send you a financial aid award letter, or package. This package outlines the total cost of attendance and the types and amount of financial aid the school is offering you (this may include “free money” like scholarships, grants, work-study programs and “borrowed money” like education loans).   To help save money, review the offers carefully so you can select free money vs. borrowed money.

Not every school will award the same amount or type of financial aid, so be sure to compare each package. Once you have selected your school and accepted your aid, be sure to notify other schools so they may offer the aid you declined to other applicants.

Helpful Tips:

• Pay close attention to the terms and conditions of scholarship awards and grants to be sure you are clear on how long you will be receiving the aid and under what type of conditions.
• Don’t be turned-off by high tuition costs; you’ll be surprised that some private schools may offer more attractive financial aid packages.
• Be sure to respond by the deadline date listed on your financial aid award package.
• If your financial situation changed since you last completed the FAFSA, be sure to notify the Financial Aid Offices so they may review your aid.