Expect a financial aid award letter to arrive within two weeks of an acceptance letter. Many schools send out acceptance and aid notifications on the same day. Some succeed more than others. Three schools with similar costs may offer very different financial aid packages. Much depends on a student's academic credentials, a family's financial need and how much aid is available from a school.
Private schools tend to have deeper pockets than state schools.
Many middle class families may find themselves in a tough spot. They have too much money to qualify for need-based aid, but too little money to cover college costs on their own. More and more people are in that situation. Don't dip into retirement savings Parents who feel barreled over by their expected family contribution and the prospect of some heavy education loans for themselves or their child may be tempted to dip into their retirement savings. Experts advise against this.