Dear Financial Aid King,
My daughter has received half a dozen financial aid award packages with some colleges offering more aid than others.
If cost alone is our deciding factor, should we choose the college that offered the most financial aid?
What else are we missing?
Thanks,
Money Talk
Dear Money Talk,
Ah yes, the old financial aid throwdown.
The King has compared quite a few financial aid award letters in the past and can steer you in the right direction.
Before you choose the college that offered your daughter the most financial aid, you should figure out the net price, or net cost, of attending that school.
First, calculate the total cost of tuition for that college, which should include tuition and fees, as well as room and board, books, and other expenses.
Then subtract the awarded amount of grants and scholarships to find the net cost of attending that particular college.
The King recently did the math for a student before they made their decision, and they realized that the institution they thought was showering them with financial aid would cost them nearly $7,000 more a year than a different institution.
Bottom line — do the math first before you make a decision. Money talks, but it can be deceiving.
Best of luck,
The King
