Seniors: Comparing Financial Aid Awards

Shelly Humbach • February 21, 2020

You got into the top schools on your list. Each has sent you a financial aid award. 

One offer looks better than the other two, but is it really? It’s important to compare apples to apples when looking at financial aid offers. Here are 6 questions to ask:

What is the Student Budget?
Does the college list all the costs for going to college: 
1) Tuition & Fees; 
2) Room & Board; 
3) Books & Supplies; 
4) Personal Expenses, 
5) Transportation (getting to and from the campus). 

If the award does not include these items, search the website for the information or call the college.

What is your Expected Family Contribution (EFC) on your Student Aid Report? 
The amount your family is expected to pay toward college is on the student aid report generated when you filed the FAFSA (Free Application for Federal Student Aid). This number is needed for comparing financial aid awards. If your family contribution is close to or more than the student budget, then your awards from the college are going to be based on merit, and not on the financial need you have.

Is there a gap? 
You should know your EFC from filing your FAFSA. 

To calculate how much financial aid you should be receiving, subtract your expected family contribution from the total student budget (all five items from question 1). The remainder is your estimated financial need at the college. Is the college meeting your full need, or only a portion of it?

Total Cost of Attendance – Expected Family Contribution = Need

How much of your award is grants or scholarships? 
Grants and scholarships are money that you will not have to repay later. You want to maximize the amount of grants and scholarships you receive and minimize the amount of loan money you must take out. Are the grants or scholarships renewable for four years? What conditions exist for the renewable awards (a minimum GPA, number of credits completed, etc.)? 

How much is in student or parent loans? 
 How much of the offer is parent loan? A financial aid award of a $20,000 parent loan – but no grants or scholarships - is not a good offer. The parent loans (when necessary) should ideally be used to help pay for the expected family contribution not meet your financial need.

Is there a good mix? Is there something missing? 
 Are you being offered grants, scholarships, loans and work? Look for a good mix. If you are not offered “work study” ask about it. It is especially helpful If you are looking for a campus job to earn money for your personal expenses while in college.   

By Shelly Humbach September 11, 2025
In June, I hosted my annual Senior Essay Writing Workshop. This was the first in-person workshop since 2019. I bet you can guess why. I was elated to meet my students face-to-face after months, even years, of connecting through the screen. Imagine my surprise at their height, super-smiles, and warm laughter. Dang, it was wonderful. So, essentially, all my in-state seniors gather at my house for a three-hour intensive workshop on crafting a killer college essay. As I was preparing for the event, it occurred to me that I might be in competition with their PHONE. Classic directness (this is probably a character flaw) led me to inform my students and their parents, in advance, that this would be a no-phone gathering. My messaging went something like this, Important: Phones are placed in a basket at the door and retrieved at noon. No exceptions. Parents: If you need to reach your student during the workshop, text me directly at **********. Now, I am fully on board with the phone-free movement. I support it, advocate for it, and live it (I brilliantly quit all personal media last November). And I thought: my event, my rules. I was a little concerned about how this announcement would land. Turns out my concern was mainly about the parents. The kids? Not so much. In fact, research indicates that students crave phone-free learning environments. Suffice to say, the workshop was a smashing success. Not a single student pushed back against the policy. One poor soul forgot to retrieve her phone and left it sitting all alone in the basket. Not to worry, though. She didn’t get far before turning back to grab it. Here’s the truth: We don’t have to bow down to every technological whim or societal pressure. As adults, we know the phone is a problem, and it’s our job to foster healthy, happy individuals. So let's keep this momentum going. As Maya Angelou wisely said, “When you know better, do better.”
By Shelly Humbach August 11, 2025
I work with incredible colleagues; collaborative, smart and supportive. They make me better and I am deeply grateful. Every year, Jennie Kent and Jeff Levy of Big J Educational Consulting share invaluable information regarding college admissions. Their research is impeccable and accurate and provides crucial data to help students and families make informed college decisions. Read on, share broadly and give a shout out to these generous professionals! Early Decision and Regular Decision Acceptance Rates Class of 2028 Domestic Undergraduate Need-Based and Merit Aid Class of 2028 In-State and Out-of-State Acceptance Rates Class of 2028 Financial Aid for International Noncitizens Class of 2028 International Noncitizens Acceptance Rate and Yield Class of 2028 Percentage of Students Submitting SAT and ACT Scores Class of 2028 Athletic Divisions and Conferences (partial list) Class of 2028 - NEW! These charts are visual, interactive, and easy to use. They make it possible to instantly sort using any column's metrics and to easily compare subsets of colleges. They are free and can be accessed at www.bigjeducationalconsulting.com/resources . From Jennie and Jeff: We hope you find these resources helpful in your work guiding students. Please feel free to share them broadly as long as they remain in their original unedited form. Permission is not granted to those charging a fee for their distribution. If you find an error after cross-referencing with an institution's Common Data Set, please contact us at info@bigjconsult.com . Thank you!
By Shelly Humbach July 17, 2025
The Power of Paying Attention
By Shelly Humbach June 11, 2025
Parents: Before Your Student Launches,  Get These Legal Docs in Place
By Shelly Humbach May 14, 2025
Is Your Student Ready For College?
By Shelly Humbach April 16, 2025
Wait for it……they should be having fun.
By Shelly Humbach October 23, 2023
"The Common Application, often referred to as The Common App is an online platform that facilitates the college application process for students."
By Shelly Humbach October 23, 2023
"The AXS Companion provides step-by-step guidance, tips, and expert advice to help you tackle every section of the Common App with confidence."
understanding financial aid: everything you need to know
By Shelly Humbach April 27, 2023
Navigating Financial Aid can be a confusing process. Make sure you understand the financial terminology before entering the lengthy process of applying for scholarships and financial aid. Learn more in this comprehensive guide.
By Shelly Humbach February 24, 2023
In the Spirit of - More College Admissions Fun - Let’s talk about Deferrals
More Posts