Award Letter Comparison Tool
Summary
Congratulations on your college admission! Alongside your acceptance letter, you’ll receive a financial aid award letter. Use our tool to compare the financial aid offers from different schools.
Facts
- The financial aid award letter is crucial for understanding the cost of attending college.
- The award letter comparison tool helps standardize information from different letters.
- It calculates costs, award sums, and the amount you’d need to repay.
- Key terms to identify in award letters include Direct Subsidized & Unsubsidized Loans, Grants, Scholarships, and Net Cost of Attendance.
- Direct Loans are also known as Stafford Loans, and Subsidized Direct Loans are the same as Subsidized Stafford Loans.
- Grants and scholarships provide financial assistance without repayment.
- Scholarships often consider achievements or academic excellence.
- Net cost of attendance is the difference between the total cost and expected family contribution, indicating what financial aid must cover.