An award letter includes the offer of financial aid to a student from a college. The award letter typically is provided at the same time as or following the admissions acceptance letter, providing all financial aid application requirements have been met.
Over the next few weeks, newly admitted college students should begin receiving financial aid award letters and the very important comparison process will begin. Over the next few weeks, we will share some important information on how to compare financial aid award letters.
The first of which is information on the NET PRICE of college. Net Price is the difference between a college’s cost of attendance and the total need-based and merit-based grant awarded. Although an estimate, it is an important metric when considering colleges as the net price is the true out-of-pocket cost to the student to attend college. Although financial aid award letters may include many types of financial aid, it is important to look at the net cost which just takes into consideration the cost of college minus gift aid sources.
Net price calculators are displayed on college websites as well as on the Student Federal Aid site and are a good resource for families. Calculators allows students to calculate an estimated net price of attendance at the college by looking at the defined cost of education at that college minus grant and scholarship aid. That way a family can compare the net price of each of the schools that a student is accepted to and compare actual out of pocket costs.
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The first of which is information on the NET PRICE of college. Net Price is the difference between a college’s cost of attendance and the total need-based and merit-based grant awarded. Although an estimate, it is an important metric when considering colleges as the net price is the true out-of-pocket cost to the student to attend college. Although financial aid award letters may include many types of financial aid, it is important to look at the net cost which just takes into consideration the cost of college minus gift aid sources.
Net price calculators are displayed on college websites as well as on the Student Federal Aid site and are a good resource for families. Calculators allows students to calculate an estimated net price of attendance at the college by looking at the defined cost of education at that college minus grant and scholarship aid. That way a family can compare the net price of each of the schools that a student is accepted to and compare actual out of pocket costs.
Check out college websites for their net price calculators!
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