Getting accepted to the college or university of their dreams is the culmination of a years-long effort. But receiving an acceptance letter isn’t the end of the journey, just the start of the next one.
For many families, the excitement of being accepted into a school is often soon replaced by concerns of how to pay for that education. Even those families who have put together a strong financial plan for college may not have a clear picture of what school will cost when their student leaves home.
The financial aid award letter is a document sent to families by the school shortly after the acceptance letter, if not included as part of the acceptance package. The award letter includes cost of attendance and other estimated costs, as well as any scholarships, grants and other funds to help pay for a student’s education.
As there is no standard format for presenting information on the financial aid award letter, families might have a difficult time comparing the actual costs of one school versus another, let alone clearly understand their financial responsibility to their student’s education.
In our new two-part video, we look at the elements of a financial aid award letter and offer tips to families for understanding the true cost of a college education. By following these tips, families can better compare schools and ask the questions of financial aid officers to make the best financial decision for their student’s education.