As admissions into colleges and universities has become ever more challenging, applying for financial aid and understanding the financial aid letter once received, is an equally grueling, though often neglected, piece of the admissions process.

Many families today are making grants and scholarships instrumental in their college searches. For good reason as half of parents, according to a survey conducted by Sallie Mae (the nickname for the SLM Corporation, a publicly traded US Government corporation that originates, collects and services student loans) are not regularly putting aside savings for college.