Begin receiving aid packages

Overview

Financial aid packages arrive 2-4 weeks after admission. Review carefully; don't commit until all offers are in.

Package Components

• Cost of Attendance (COA): Total annual cost
• Grants: Free money (federal, state, institutional)
• Scholarships: Merit-based free money
• Work-Study: Federally subsidized part-time work
• Loans: Federal (subsidized, unsubsidized), possibly Parent PLUS
• Net Cost: What family actually pays

Key Distinctions

• Gift Aid: Grants + Scholarships (never repaid)
• Self-Help Aid: Work-Study + Loans (earned or repaid)
• Net Price: COA - Gift Aid
• Out of Pocket: COA - Gift Aid - Accepted Loans - Work-Study

Comparison Spreadsheet

| School | COA | Gift Aid | Net Price | Federal Loans | Parent PLUS | Work-Study | Out of Pocket |

Loan Types

Federal Direct Subsidized

• Interest covered while in school
• Need-based
• $3,500 fresh, $4,500 soph, $5,500 jr/sr

Federal Direct Unsubsidized

• Interest accrues
• Not need-based
• Combined subsidized + unsubsidized caps

Parent PLUS

• Credit-based, higher rate
• Can cover full COA minus aid
• Parent repays

Private Loans

• Higher rates, need cosigner
• Last resort

Red Flags

• Heavy loans, minimal grants
• "Parent PLUS included" (this is a loan)
• Unclear gift vs. self-help breakdown
• Out-of-pocket significantly higher than NPC estimate

Green Flags

• Gift aid 60%+ of cost
• Only subsidized loan limits offered
• Institutional grant aid included
• Net price aligns with NPC

Merit Scholarships

Confirm:

• Renewable each year
• GPA requirement to maintain
• Additional to or replacing aid

Appeals

If package insufficient, file appeal. Justifications:

• Competing peer-school offer
• Change in family circumstances
• FAFSA/CSS error
• Non-custodial parent refusal

Timing

Wait for all packages before deciding. Respond by May 1.