Ten Helpful Hints When Comparing Financial Aid Awards
There are a few things to keep in mind when reviewing financial aid awards. It is important to know what you are comparing and some good questions to ask. Here are some helpful hints!
- Compare total costs! Total costs include tuition, fees, room and board.
- Compare each type of financial aid (grants to grants, loans to loans and work to work) … not just bottom line!
- Subtract financial aid from cost. You might get more aid from one school, but does that school cost more? What types of aid are offered (i.e. grants, loans, campus employment)?
- Ask how much tuition increases per year.
- Ask what will happen to your financial aid award if you receive an outside scholarship.
- Ask what types of payment plans are available.
- Ask if there are fees or interest associated with payment plans.
- Ask how your financial aid will change in future years.
- Review all information for accuracy.
a. Is your housing status correct?
b. Is your enrollment status correct?
- ASK QUESTIONS!
Use this Cost Comparison Chart (Excel file) to compare the true cost of different schools.