How to read financial aid letters and information

Typically, in late winter/early spring, a student will receive financial aid letters from the schools where they were accepted. What to do now? Here are a few tips:

  1. Determine the Cost of Attendance. If this is not listed in your letter, call the college and ask. The COA includes all costs: Tuition, fees, room & board, books, supplies, etc.

  2. Subtract Grant and Scholarship amounts, if applicable, from your aid offer and from the COA. You can then subtract any college savings so you can see the actual amount you will need to pay out-of-pocket.

  3. Each financial aid letter will differ per college. Read and review each and compare what your Net Price will be at each school. Net Price is what you are expected to pay by using income and loans.

  4. If your situation has changed, for example, you decided to commute instead of living on campus or your financial circumstances have changed since you completed the FAFSA or from what your tax information shows, call each college’s financial aid office to discuss.

  5. Local scholarships opportunities are a chance to help assist in your net cost. Apply! When your high school releases its annual scholarship book, take the time to scroll through and apply to as many applicable scholarships as you can. It’s worth the time to write any required essays for FREE money.

  6. Make sure to line up a summer job, now. A few saved dollars leading up to your first year in school can help!

This website has more tips and valuable information.

https://studentaid.ed.gov/sa/fafsa/next-steps/comparing-aid-offers