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How to Compare Financial Aid Packages and Get the Best Deal for College

How to compare financial aid packages to help pay for college, tips shared by financial aid advisor Jodi Okun
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As a high school student preparing for college, one of the most exciting—and sometimes stressful—moments is receiving your financial aid packages. Colleges often send out different offers with varying amounts of financial support, and it can be tricky to figure out which one is the best deal for you. With tuition and other expenses quickly adding up, it’s crucial to compare your options carefully. 

Here’s a step-by-step guide to help you make an informed decision about your college financial aid package.

1. Look at the Total Cost of Attendance (COA)

The first thing you’ll want to compare is the Total Cost of Attendance (COA) for each college. This includes tuition, room and board, textbooks, fees, transportation, and personal expenses. Each school might have a different COA, and it’s important to see the full picture before you decide. 

2. Focus on Grants and Scholarships 

Grants and scholarships are the best forms of financial aid because you don’t have to pay them back. They’re considered “free money,” and they should be a major factor when comparing packages. If one school is offering a larger grant, that’s free money you don’t have to worry about repaying, and it can make a huge difference in the total cost of attendance.

3. Understand Loans 

Loans are another part of your financial aid package that you need to take seriously. Unlike grants and scholarships, loans must be paid back—often with interest. When comparing offers, look closely at how much you’re being offered in student loans. Also, pay attention to the interest rates on loans.

4. Work-Study Jobs

Work-study programs offer part-time jobs on campus that allow you to earn money while you’re in school. This can be a great way to offset some of your costs, but it’s important to realistically assess how many hours you can work while balancing your studies. When comparing work-study offers, check the amount of money you’ll be able to earn and whether you feel comfortable fitting those work hours into your schedule.

5. Look for Additional Fees or Hidden Costs

While you’re comparing aid packages, don’t forget to consider other costs that might not be included in the initial aid offer. Some schools have additional fees for things like technology, student health services, or parking. 

6. Negotiate If Necessary

If one school offers you more financial aid than another, or if your financial situation has changed since you first applied, don’t be afraid to reach out to the financial aid office. Many schools are open to negotiating aid packages, especially if you’ve received a better offer from a different school. 

Choosing a college isn’t just about picking the right major or the coolest campus—it’s about finding an affordable option that makes sense for you and your family. By comparing financial aid packages carefully, you can ensure that you’re getting the best deal possible. Take your time to understand the details of each offer and don’t hesitate to reach out for help. You’re making an important decision, and it’s worth doing the work to make sure you’re getting the most financial support for your education.

More about Jodi and College Financial Aid Advisors

Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

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