Selecting a Financial Aid Package
How to Make Your Decision
Once all your financial aid award letters arrive, your family should determine which plan best meets your needs. It’s important to understand exactly what each college is offering, what the offer covers and what the total costs of that college are. You also need to know if your aid will be the same each year that you attend and maintain good academic standing.
Compare Your Awards
First, use our Compare Your Aid Awards tool to help you understand the value of each package and what it includes.
Check to see whether the award covers only tuition and fees, or also includes the costs of room and board; not all do. Unless you are living at home, room and board can cost you a lot more than you anticipate — these expenses may even double the cost of attending that college.
Here are some other factors to keep in mind:
- You are not required to accept the entire aid package as offered.
- You need to sign the award letter and return the requested materials by the deadline.
- Aid is limited, so if you don't accept an award on time, it may go to another student.
- Aid disbursement practices vary. Find out how and when the aid is distributed, how much is applied directly to the bill, and how much the first bill is, so you can plan for the coming months.
Read more about comparing your financial aid awards and understanding your awards.
Making Tough Choices
It can be disappointing if the award package at your first-choice college falls short of what you had hoped. However, it doesn't have to mean your top college is out of reach. In certain circumstances, you may want to discuss your award with the financial aid officers at your college.
If the amount you are offered doesn’t meet your needs, your family might decide to shoulder the extra costs so you can attend your first-choice college. Or you may decide you can meet your academic and personal goals at a college that doesn't stretch your family's finances.
The most important consideration is whether the college that offers you the best aid package is a good fit for you. There are thousands of colleges, and many of them offer a good match for your educational and social needs.
If your final decision means that you need to consider an additional loan or explore other financing options, check out our Loan Center to learn more.
