In early April, college-bound students begin to receive financial aid offers from the colleges they were accepted to. But now what? Families are often unable to decipher the financial aid packages and accurately compare costs. Why? Financial aid offers often look more generous than they really are when colleges include loans as part of the package. Some colleges will even include unsubsidized federal loans as part of their offer, which are available to any student and are not a special deal.
There is also no easy way to compare your offer to others, as families are usually unaware of the average amount of aid the college awards to similar students. Are you receiving less than the typical offering? If so, you may be in a position to ask for more aid, especially if you can provide evidence of more generous offers from other colleges.
Asking for More
Remember that a financial aid offer is just that, an offer. There is no obligation to accept, nor is the offer written in stone. There are opportunities to contact a school and ask for a better financial aid package.
Looking for a way to quickly compare offers and determine if a college is offering a fair price? Learn more about Project College Cost Cutter. It’s free to sign-up and you’ll also receive a copy of the eBook Avoid Wasting Money on College Tuition, jam-packed with information on getting more college money for your student, including tips on negotiating your financial aid offer.