Sample Financial Aid Package

A Financial Aid Package represents the best efforts of the college financial aid office to meet your demonstrated need or to offer other suggestions for available aid. Some colleges are able to meet full demonstrated need, but some cannot.

Below are two sample college budgets and the financial aid packages that colleges might offer to you. Usually colleges will try to combine grants and loans and work to meet the student's financial need. College A costs less than College B, so less financial aid is offered. The estimated family contribution is determined by the Free Application for Federal Student Aid (FAFSA); therefore, it stays the same for both colleges.

While colleges usually attempt to meet your full financial need, sometimes they do not have enough money to do so and a "gap" occurs between the amount for which the student is eligible and the amount of money offered by the school. College B was unable to offer Jane Doe the full $16,300 for which she was eligible, offering a total of $15,475. Jane's parents could borrow funds through the PLUS Loan program for the remainder, or Jane could work and save more money during the summer prior to her enrollment.

When you look at your financial aid offers from colleges, look to see how much loan and work was offered in comparison to grants and scholarships. As you can see below, College A relied on a greater proportion of loan and work compared to grant than did College B. However, in actual dollars, Jane will have to borrow and work more to attend College B.

As you decide which college to attend, your financial aid award should be considered along with the most important factor of all - at which institution would you be more successful? Choose a college that fits with your overall goals and interests, not just based on which college offers the most attractive financial aid package.