How Not To Be Fooled By College Award Letters

"Many times — maybe too many — high school seniors are just so happy to be accepted to their dream school that they don't give a second thought to the financial implications of their college choice. Then reality sinks in when they start digging into the details of college award letters," The Detroit Free-Press reports.
 
"One mistake that some families make is focusing on the total dollar amount listed for the aid package on an award letter, said Karen McCarthy, director of policy analysis for the National Association of Student Financial Aid Administrators. 
 
And then, they compare that number across institutions.
 
'But a $10,000 award from one school that's offering a grant or scholarship is very different from a $10,000 loan,' she said. ...
 
Brush up on your vocabulary words here.
 
The National Association of Student Financial Aid Administrators, which represents more than 20,000 financial aid professionals, has even come up with a 'Glossary of Terms for Award Notifications.'
 
Parents and students can find it tricky to read and decipher award letters, according to NASFAA."
 
NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

 

Publication Date: 4/27/2017

View Desktop Version