Use this guide to set two aid offers side by side and find the real difference in what each college will cost. It explains how to line up costs, separate gift aid by source and check which awards last beyond the first year.
Putting both offers in one layout
Copy both offers into the same simple table before you compare anything. Use one row for each cost and one row for each award, and leave a row blank where a college shows nothing. A college that uses the College Financing Plan makes this easier, but the table works for any letter.
Check that both colleges describe the same year and the same enrollment. One offer may assume full-time study for two terms while another includes a summer term or a different housing choice. Ask each aid office to confirm its assumptions if the letter leaves them out.
Comparing gift aid one source at a time
Federal grants often look similar at both colleges, though they can differ. A Pell Grant depends on your Student Aid Index, the cost of attendance and how many credits you take, so a lower-cost college or a lighter course load can change it. FSEOG depends on each school's limited allocation, and some schools do not take part at all.
State grants can differ the most when one college is out of state. Many state grants can be used only at colleges inside the state, although regional exchange programs reduce out-of-state tuition at participating colleges. Ask your state agency whether a grant travels with you before counting it at both schools.
College grants are usually the largest swing between two offers, because each college sets them from its own budget. Outside scholarships may also be handled differently, since each college has its own way of adjusting other aid when one arrives.
College grants are usually the largest swing between two offers, because each college sets them from its own budget.
Checking how long each award lasts
An offer describes one year, and the second year can look very different. Ask each college whether its grants renew at the same level, and under what conditions. A merit award may require a set grade average and full-time enrollment, while a need-based college grant may change when your FAFSA changes.
State merit awards renew only when you keep the grade average and credit load the state sets. Federal grants renew with each new FAFSA, as long as you meet satisfactory academic progress and stay within the Pell lifetime limit. A private scholarship may pay once or for several years, and the sponsor's award letter says which.
Costs one offer may leave out
Indirect costs are estimates, and two colleges can estimate them very differently. One may set a low figure for transportation or personal spending, which makes its net price look smaller. Build your own estimate for each place, based on where you would live and how you would travel.
Look for costs that appear on one offer and not the other, such as a required laptop, lab fees or a health plan charge. Add them to both columns so the comparison is fair. The college's student accounts office can tell you which fees are billed to every student.
Making the decision by the deadline
Many four-year colleges ask for a decision by May 1, so start the comparison as soon as the second offer arrives. If your family's situation has changed since you filed the FAFSA, ask the aid office for a review with documents. A request based on a competing offer is a different kind of appeal, and only some colleges accept it.
Choose on the net price you can cover each year rather than the size of the first-year grant. The college with the smaller grant can still cost less once costs, renewal rules and estimates are lined up.
Steps to take this week
- Copy both offers into one table
- Sort each award by its source
- Ask each college how its grants renew
- Note each college's decision deadline
Who decides
Each college's financial aid office
Compare net price and renewal rules, because the larger first-year grant does not always mean the lower cost.
