Best Way to Compare Financial Aid Offers

The rising costs for college tuition are undoubtedly top of mind when helping your child to navigate the college search. While they’re excited to tour campuses, meet new people, and start spreading their wings, you’re probably wondering how it’s all going to work, financially.

Which college is making the best offer? Can private schools really be as affordable as state schools?

Here is my advice, as a professional in the College Admissions and Financial Aid field, but also as the parent of a high school senior.

1. Gather all financial aid offers from every school your child has been accepted to. I’m not talking just about the acceptance letters that include scholarships based on merit. After filing the FAFSA, each college you’ve listed will generate a financial aid offer that’s also based on your financial need. This offer letter will include everything your child is eligible for, including federal and state grants, institutional aid, and federal loans. Typically, Hilbert sends offer letters in December (and they may also come by email).
2. Check each college website for their actual tuition, fee and housing charges. At many schools, these figures increase annually, so it’s something to be mindful of. Don’t let the sticker prices scare you though; no one actually pays that much (at Hilbert, anyway😉). Also remember that schools are federally mandated to provide a Cost of Attendance (COA) on their financial aid offers. The COA estimates additional expenses to consider, but they do not all appear on the actual bill. The COA and the actual charges are not the same numbers.
3. Compare costs side by side. The Higher Education Services Corp for New York State has a great comparison tool, and no, you don’t have to be from NYS to use it. Enter the information you collected and get a true comparison for annual out-of-pocket expenses.

It’s okay to take time with this decision. It’s also okay to explore Parent PLUS loans, or alternative student loans. It’s a big investment, but an investment that will pay off in the end.

Pro-tip: If you find that another private college is offering a better deal than Hilbert, send a copy of the financial aid offer letter to us. If we can find a way to match it, we will.

Sincerely,
Meghan Harmon
Vice President for Undergraduate Enrollment Management