Making Sense of Costs
What does is really cost to attend college? How do you understand those aid award letters? Read on to find out!
Terms to Know
When it comes to understanding the true cost of college, these terms are crucial.
Sticker Price
This is the total price to attend the school, including tuition, room and board, books, and fees.
Net Price
This is the total price to attend the school minus your financial need, scholarships, grants, and any other aid you’re awarded.
Estimating Net Price
While you won’t receive official information on your financial aid until you’re accepted to a college, you can estimate a college’s net price based on your family’s financial situation.
To do this, you’ll use a Net Price Calculator. All colleges have one! By inputting your financial information like income, assets, and savings, you can estimate the price of all the colleges on your list!
It’s important to note that these are estimates. Indirect costs, like transportation and medical expenses, especially, can vary significantly depending on the student and location of the school.
Understanding Aid Awards
It’s important to understand the details of the aid awards you receive from schools.
Here are some resources to help!
This video from Get Schooled will help you understand your college aid award letters.
Unfortunately, there is no standard format for financial aid award letters. And they use lots of confusing jargon. These sites will empower you to understand the details of your award letters.
College Board Big Future - Understanding Your Financial Aid Award Offers
Get Schooled — Understanding Aid Award Letters
Ready to compare your awards for each school? We recommend this awesome tool from Scholarships360.