Comparing Aid Offers

Paying for College
1

<p>To compare aid offers, first determine the cost of each college
(cost = tuition + room and board + fees)
Then determine the "gift aid" which includes grants and scholarships - anything that does NOT need to be paid back or earned.</p>

<p>Cost less gift aid is what you will owe the college/university.
(half each semester)</p>

<p>Then add in the travel, books, personal expenses, etc that you will need to pay out in addition (but not to the college).</p>

<p>This allows you to directly compare how much it will cost to go to each school - rather than comparing what the school is "giving" you or what each school says your EFC is.</p>

<p>Loans can help you pay what you owe to the college, work study can help you make money for NEXT semester's books and personal expenses.</p>

2

<p>Also</p>

<p>Consider the following as "out of pocket" costs</p>

<p>Your EFC</p>

<p>Your Child's EFC (from summer earnings)</p>

<p>Loans- because they must be repaid</p>

<p>Work study, even though you are earning the $ you are using it for expenses. Also some parents do not want their kids working the first term/year so this money will have to be made up</p>

<p>Travel expenses (plane/train bus tickets for thanksgiving, winter break/spring break. Car maintenance)</p>

<p>Allowance or spending money that you will give your kid (if you are giving your kid $$).</p>