Collegeboard

A Question of Financial Aid

A Question of Financial Aid

As your acceptances begin to pour in, it’s critical to review each school’s financial aid package. The best way of evaluating the offers is by placing them on a spreadsheet, or a big piece of paper, and writing down the following information for each of your schools:

Line 1: The Total Cost of Attending (tuition + room & board + books + any fees + any projected travel) [COA]

Line 2: Your Effective Family Contribution (calculated by the FAFSA form) [EFC]

Line 3: Your Need (calculated by: Line 1 – Line 2)

Line 4: The detailed financial package you’ve been offered.

The above is the fundamental financial aid formula. If you hate formulas, please read on anyway; the information might prove useful.

The Common Data Set, a Useful Tool

The Common Data Set, a Useful Tool

Do you want to find out how many students transferred to Cornell University last year? Or, how many students received financial aid (institutional and government grants) at Pomona College, and how much each actually got? Or, do you want to find out the real student to faculty ratio at Dartmouth? If you do there are two places to go to answer many of these questions accurately and efficiently: College Navigator is one (and it has been profiled by me often. If you haven’t had a chance, you really need to go to its website and take a look at some of the schools you have under consideration. (http://nces.ed.gov/collegenavigator/). This is one example of our tax dollars well-spent; it’s truly a veritable goldmine of valuable college information.

The other tool of equal utility is the Common Data Set (CDS), and it is in today’s spotlight.