What Does Your Financial Aid Award Mean?
A financial aid award letter can come with a lot of conflicting emotions: excitement, disappointment, and, more often than not, confusion. There is little uniformity among award letters, so comparing offers between schools often feels like comparing apples and oranges. If you want to be a discerning consumer, you need to understand the differences between three main types of aid — grants & scholarships, loans, and work study — and understand which questions to ask about each. It’s important to compare apples with apples and ascertain which college will provide your family the best value: