Tips on financial aid packages from the authors of College Admission: From Application to Acceptance, Step By Step.
As you receive financial aid offers (also called “financial aid packages” or “financial aid award letters”) from the colleges that admit you, review these offers carefully. Determine how much you have been awarded in grants and loans. Note the proportion of loans to grants—and the actual amount your family will pay. Figure out whether the grants are for one year or can be renewed. If you have questions, check with your high school college counselor or the college financial aid office!