💸 How to Compare Financial Aid Offers — and When (and How) to Appeal
If you’re lucky enough to get multiple offers, understanding the real cost of each school is critical — and not as simple as just looking at the scholarship number. Here's what to know 👇 🧾 Step 1: Understand the Financial Aid Offer Each school will send you a financial aid letter (also called an award letter). But the format varies a lot, so always check for: - Total Cost of Attendance (COA): Tuition, housing, meals, fees, books, travel, and personal expenses. - Grants & Scholarships: Money you don’t have to repay (usually need-based or merit-based). - Work-Study: Part-time campus jobs (optional, not guaranteed). - Loans: Money you must repay — not the same as aid! ✅ Focus on grants and scholarships only when comparing offers. Loans and work-study can vary and shouldn’t make a school seem "cheaper." 💸 Step 2: Calculate the Net Price The Net Price = COA – Grants and Scholarships = Your true out-of-pocket cost This is the number you should be comparing across schools — not just tuition, and not just the "amount of aid" they say they’re giving you. Example: - School A: $80,000 COA – $60,000 grants = $20,000 net price - School B: $65,000 COA – $35,000 grants = $30,000 net price Even though School A looks more expensive, it’s actually cheaper for you. ✉️ Step 3: Can You Appeal? If your family's financial situation has changed (job loss, medical expenses, currency shifts) or if you received better aid from another similar school, you can appeal. How to appeal: - Be polite and professional (think of it like writing to a boss). - Include specific numbers (e.g., “Since filing FAFSA, my father lost his job and our income has decreased by 30%.”) - If you have a better offer from a peer school, mention it: ✅ Appeals don’t guarantee a better offer — but they often succeed if you have a strong reason. Final Tips - Don't be afraid to ask: Colleges expect appeals, especially after April 1. - Deadlines matter: May 1 is the usual commitment deadline — start your appeal early! - Be realistic: Schools differ. A small liberal arts college may have more room to negotiate than a large Ivy.