Three things to consider when comparing your financial aid packages

1. Rank all of your schools according to their national rankings

The first thing to do is rank all the schools you have been accepted to. You will find these forms that can help you rank these schools in your guidance office or online. You can go to US News Rankings to find where schools are ranked on your list nationally. There are many factors to consider when ranking these schools, such as their retention rate, class size, percentage of classes taught by TA, number of successful alumni, rates of graduates finding employment, etc. This way, you can see how your schools compare to schools across the country. You want to attend the best school on your list that you can afford. This process has to be very practical and doable for you and your family.

2. Rank all your packages according to the amount of free money offered to you

Free money is any money that you and your family do not have to pay back. These funds will come under scholarships and grants (federal grants and state grants). Rank the school that gave you the most free money number 1 down to the school that gave you the least amount of free money. Please note that your favorite school may not offer you the best package. This is a practical and not subjective process. They will offer you a package based on your household income and assets depending on whether the school is private or public. Schools will give you their money and government money based on your financial need and the type of profile you have created.

3. Rank all of your schools from the school you like to attend to the school you are least likely to attend: Winning College Attendance

Now, start with your favorite school. This is the # 1 school you would like to attend from your accepted list to the least favored school on your list. This is the school you would like to attend if you and your family can afford it without incurring large debt. Here again, you and your family need to be practical and realistic because neither you nor your family have to go into deep debt to get your education. You’re investing in your future, but your parents are nearing retirement, so don’t ask them to take out loans or refinance their home to send you to the school of your dreams. Remember that you are going to have to pay your loans and that you are not going to pay off your debt. It’s your future, so invest wisely.

One comfort here is that you and your parents can always contact the financial office and explain your family’s financial situation and ask if they can give you a little more help because you really would like to attend their institution.

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