A financial aid package is a summary of the money a student is offered by a school that has been applied to. Have you received a financial aid offer? Here are six questions you should be asking about it.
01
How much is free money?
How much money is in grants in scholarships? This the free money. These usually don’t need to be repaid.
02
How much is tuition?
What is the cost of tuition? How does this compare to the financial aid package?
03
What are my other expenses?
Outside of tuition, what else need to be covered? Room and board?
04
What will I actually have to pay?
Look at the gap: the difference between the cost of attendance and the money you have received in financial aid.
05
How much would I need to borrow?
Separate the student loans from the grants and scholarships. Loans are borrowed money that must be repaid.
06
What are the terms of my aid?
How long does the aid last? Check whether the scholarships and grants are renewable and whether you need to meet other requirements such as having a certain GPA, enrollment status, or anything else.
Conclusion
When you begin to compare your financial aid offers, don’t necessarily only focus on the the “biggest” number. Be sure to understand how much you’ll actually have to pay, how much you may need to borrow, and how long the aid may last.