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National College Decision Day is approaching. How to maximize aid
College experts share their best advice on how to choose a school, factoring in financial aid.
TL;DR
- The financial aid offer, including the breakdown of grants, scholarships, and loans, is a key factor in college choice.
- Families should understand how much of the aid package is 'free money' versus what needs to be repaid.
- Comparing financial aid offers can be challenging due to inconsistent formats.
- Strongest offers include more gift aid (grants, scholarships) and fewer loans.
- It's important to check the renewability of grants and any GPA requirements.
- Federal loans should be exhausted before considering private loans.
- Families can appeal financial aid offers by documenting changes in financial circumstances or noting better offers from comparable schools.
- Private scholarships and fellowships can help bridge financial gaps, but check for displacement policies.
- Artificial intelligence can assist in finding merit-based aid opportunities.