In a financial aid package, a college or university will try to make up the difference between the cost of attending their school and a family's expected contribution as determined by the federal government. A family's expected contribution is calculated from information submitted on a Free Application for Federal Student Aid . A financial aid award determines just how much your family is going to pay for the privilege of sending your son or daughter to a specific college or university. Aid packages vary. Much depends on a student's academic record, a family's financial need and how much aid is available from a school.
Private schools tend to have deeper pockets than state schools.
They also tend to cost more. Some schools send out acceptance and aid notifications on the same day. The first thing to consider is how much of the financial aid award is for grants and scholarships and how much is for loans. Check out all the details. Some schools stick to tuition, books, and room and board.