If you’re parenting a teen, there’s a good chance that sometime during the winter of your child’s senior year of high school, you’re going to be flipping through documents called “financial aid award letters.”
You’ll have a “financial aid award letter” from every college that’s accepted your child—as long as you’ve filled out the FAFSA financial aid form (which you should absolutely do, even if you’re rich).
When you’re sifting through three or four financial aid award letters, how do you compare them?
This article is going to help you with that important task. As a starting point, let’s look very briefly at what financial aid award letters are, and what the problem tends to be with them.
Financial aid award letters tell you how much money you’ll be expected to pay for the education at each college.
Sounds great, right? This is the point where you get to know the actual price tag for each school. This is where you find out which college is offering your daughter the best deal.
The problem is that financial aid award letters are notoriously difficult to interpret and compare.
Continue Reading »