how to evaluate your financial aid package
- Find your cost of attendance (COA)
- Find your EFC (if any)
- Find your financial need (COA – EFC)
- See if the proposed financial aid package meets all your financial need
- From the package, how much is gift aid vs self-help aid?
What is your net cost?
• Self-help aid
• EFC
• Any unmet need that you will be asked to fill through other sources
additional things to take in mind
- Compare Net Costs for the schools your are considering
- Be mindful of the amount of debt you are being asked to accept
- Loans can be declined or reduced
- Do not borrow more than you need
Look at these two different financial aid packages. The net prices at the bottom are the financial costs you and your family are responsible for.
final tips for students
- Make sure you look beyond the “sticker price”!
- Research financial aid programs and resources offered at the colleges you are interested in applying
- Tools for estimating your net costs: Net Price Calculator on your school’s website
Financial Aid Packaging, Appeals for Additional Aid
- Working with your financial aid office
- All schools have a financial aid office staffed with financial aid professionals
- Do not hesitate to contact your prospective schools’ Financial Aid Offices for information on how to appeal for more aid
- The more documentation you can provide, the stronger your appeal will be
- Some schools are generous in their appeal process, others are more strict
- Unexpected circumstances are appropriate reasons to appeal
- Unemployment, loss of benefits, death or illness of primary wage earner, estrangement from parents, housing insecurity and PLUS loan denial are examples of appealable circumstances.