Comparing financial aid award packages is not always as easy as it seems. Most students will just look at which school offered the most money, but not necessarily the stipulations that go along with it. For example, the college admission letter one school sent may have offered you a good amount of work-study award money, but if that requires you to work too many hours, it may not be worth it.
When evaluating your award offers, make sure you not only factor in aid put towards tuition, but also add in any extra expenses associated with that school. Will you need to pay for a flight to and from school? Or, maybe buy a car to drive to classes? Extra expenses add up quickly, so factor in any commuting you may have to do, the supplies your major may demand, and calculate these costs into your decision from the beginning to ensure that you can afford to go!
If you have your heart set on a college but it’s out of your price range, don’t lose hope; there are still a few options available for students who come up short on financial aid. To find out your next steps, read the article Not Enough Aid: What to do Next. For those of you still in the college search, search for the school on HowToGetIn and see what types of federal aid programs they participate in, and you can call the financial aid office (number is on the college’s page on HowToGetIn.com under General Information) and ask the tough questions to a financial aid officer. For example, ask if they offer both merit aid and need based in their financial aid award packages.
When you determine which school’s offer to accept, it’s time to send in your deposit (yikes!). Most schools require a tuition deposit by May 1st, giving students roughly one month to decide where to go. Exact tuition deposit amounts vary widely by school, but most fall somewhere between $200 and $500. Keep in mind, this is a deposit to hold your place for enrollment purposes and is separate from any housing deposit you may have to pay.
As my last tip, I should stress that whatever aid you receive this year may differ from next year. Just because you can pay for freshman year, this doesn’t mean you should stop searching for scholarships. There are scholarships for every grade level, so if you continue to apply throughout your freshman year, it’s that much more you won’t have to pay out of pocket.
I hope these tips help those of you struggling with the financial aspects of choosing a college. For those of you making the decision this year, choose wisely and remember to take some time to enjoy the last months of senior year!
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