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Understanding Financial Aid Offers

It's not as easy as you would think to compare and contrast offers. The format, information provided, and definition of critical vocabulary terms can differ. What at first glance looks like the best offer might not actually be the best. It's critically important to understand how to read and compare offers.

What is a financial aid award letter?

Detailed list of all the financial aid that school is offering to you

What information is included?

Cost of Attendance including tuition, fees, room/board, supplies, and transportation

Financial Aid offer - exact amount of scholarships, grants, work study, and/or student loans offered

For each offer:

  • Pay attention to vocabulary - definitions can very by school

Example: Net Price - the Department of Education's definition is the cost of college after gift aid is applied. Some colleges define it as the cost of college after all aid (including student loans) is applied

  • Know the Cost of Attendance

Full cost of attendance will include indirect costs such as books, supplies, transportation, and miscellaneous expenses. If the cost information is not included look it up

  • Separate out grants and scholarships

Compare how much free aid is being offered versus loans

Note if the grants and scholarships are renewable or if they are one-time-only! The cost of attendance might increase dramatically the next academic year. 

  • Multiple types of loans may be included  - separate the government loans and private loan offers.

When will I get the award letter?

The FAFSA or WASFA should be completed in the Fall, and each school will send their offer letter in the Spring

Do I have to accept all the aid offered?

No - students are able to accept or decline each individual type of financial aid offered

Where can I learn more?

Mrs. Wardle has created an entire Advisory Lesson - Understanding Financial Aid Award Packages that goes into detail with examples

Is there a comparison calculator that will help me?

Mrs. Wardle created a comparison calculator and it is available to all BVA students!

Just plug the numbers form your offer into the lines and it does all the math for you.

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