<p>I know this may be a common question, and pretty well known, but I couldn't find any info. When the College Board site lists average financial aid packages for schools, say around $25,000, does that mean per year, or over four years? Because if that means over four years, I'm in trouble. I'm sort of a noob when it comes to all of this financial aid stuff.</p>
<p>That means per year, but it is a totally meaningless figure, because financial aid is determined by individual circumstances. It won't help you at all in the end to know that the college's "average" is $25K if they've just offered you an $8000 package. Also the "package" includes loans and work study -- it is very possible that a $25K package at one school might consist of $7000 of loans, $4000 of work study, and $14,000 of grants -- whereas another school with a $21K package might be including $1500 work study, $3500 of loans, and $16,000 of grant money -- which is better? </p>
<p>I think the most useful piece of information to look at is average amount of first year loans or average self-help amounts (loans + work study). Most colleges build their packages starting with loans, so the "average" tends to hold more across the board -- and by comparing among schools, you can see which tend to impose the greatest loan burdens on their students.</p>