FA Package

Which Financial Aid Package is Best for You?

If you are a high school senior, you’re probably breathing a sigh of relief now that most of your college applications have been submitted. In fact, some of you may already have your acceptance letters in hand. Now, you just have to decide which college is best for you. This may seem like an easy task, but choosing a college is a little more complicated than saying ‘yes’ to your top choice. You have to consider several factors, such as available opportunities, campus amenities, and location. Of course, the overall cost of your college education is probably one of the most important factors in determining where you will land this fall. So, how do you know which college is giving you the best deal? Fortunately, there is now a form that many colleges use called the Financial Aid Shopping Sheet. This template was created by the federal government to help you better understand what financial aid is being offered and how it affects your bottom line. But what if your school doesn’t use this template? Here are a few things you should consider when determining which financial aid package is best for you.

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Understanding Your Financial Aid Award Letter

Financial Aid Help You’ve filled out the Free Application for Federal Student Aid (FAFSA), submitted your college applications, and have received your acceptance letters, so what comes next? Welcome to the confusing task of reviewing and understanding your financial aid award letter! If you’ve received your letter and are wondering what COA, EFC, Subsidized, and Unsubsidized mean, never fear, we are here to help!

First, it’s important to know how your college calculated your award package. When you completed the FAFSA, this information was sent to your prospective colleges and you were assigned an Expected Family Contribution (EFC). Colleges use this number, along with the Cost of Attendance (COA), to determine the amount of financial aid you may be entitled to receive. Each college has different variables when determining their COA, with many including tuition, fees, books and housing in the calculation. Continue Reading…

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