2. Apply for Financial Aid

Evaluating Your Financial Aid Offers

When reviewing your financial aid offers, you should look beyond the headline number and focus on the true cost and long-term impact.

Here's a structured checklist to guide you.

1. Understand the Total Cost of Attendance (COA)

Check whether the offer includes all major costs:

  • Tuition and fees
  • Housing and food
  • Books and supplies
  • Transportation
  • Personal expenses

Compare each school's COA, not just the tuition.

2. Separate Gift Aid from Self-Help Aid

  • Gift aid = Scholarships and grants (money you don't repay).
  • Self-help aid = Loans and work-study (money you earn or repay).

Two offers with the same total aid can be very different if one includes more loans and the other more grants.

3. Review Loan Types and Terms

  • Federal Direct Subsidized vs. Unsubsidized Loans - Subsidized loans save you interest while you're in school; unsubsidized loans begin accruing interest immediately. Confirm which type(s) appear in your offer and their annual/aggregate limits.
  • Grad PLUS Loans have been eliminated for new graduate and professional borrowers as of July 1, 2026. If you're pursuing a graduate or professional degree, your federal borrowing is now capped under new annual and lifetime limits for grad students - you can no longer rely on Grad PLUS to cover the gap between your other federal loans and full cost of attendance. Check with the financial aid office on how any remaining gap would need to be covered (private loans, savings, etc.).
  • Parent PLUS Loans are now subject to new annual and lifetime borrowing caps (no longer effectively uncapped). Families should confirm the current limit applies to their situation and shouldn't assume a Parent PLUS loan can automatically cover 100% of remaining costs the way it may have in the past.
  • Private loans - check interest rates (fixed vs. variable), repayment terms, cosigner requirements, and whether a cosigner release option exists.
  • Repayment plans have changed for new borrowers. The SAVE plan is being phased out, and a new Repayment Assistance Plan (RAP) now applies to new federal borrowers, alongside revised versions of some existing income-driven plans. If long-term repayment strategy matters to your decision, ask the financial aid office which repayment plans will actually be available to you - don't assume older program details still apply.

Be cautious about taking on high debt relative to projected starting salary in your intended career.

4. Look at Net Price

  • Net Price = COA - grants/scholarships.

This is the out-of-pocket cost before considering work-study or loans. Use this to compare schools on an apples-to-apples basis.

5. Check Renewal Conditions

  • Are scholarships renewable each year?
  • Is a certain GPA required?
  • Do you need to take a minimum number of credits?
  • Are certain majors excluded from renewal?

6. Factor in Non-Financial Considerations

  • Campus location and transportation costs.
  • Internship/co-op opportunities that may offset costs.
  • Time to degree (4 years vs. 5+ can greatly affect total cost).

7. Run Multi-Year Projections

  • Aid packages often change after the first year, especially merit scholarships.
  • Estimate costs over the full degree program to avoid surprises.

8. Ask Questions

Contact the financial aid office if:

  • Costs or aid amounts are unclear.
  • Your family's financial situation changes (job loss, medical expenses).
  • You want to request a reconsideration or appeal.
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