Wait To Accept

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Letters and financial aid awards are the crowning achievements of the hard work that has made college possible. This is an emotional time to celebrate and enjoy the moment before making a final decision.

Helpful tools like college websites, net price calculators, and college statistics can be beneficial, but only represent averages. Average results are calculated by dividing all the high and low numbers by the total population. They serve as a good guide, but since they include both extremes, they do not accurately depict the norm.

The experience only becomes personal when the college presents an offer. An offer can be accepted or appealed through a financial aid office process known as Professional Judgment. Here are some essential points to consider:

1. Stafford loans are a straightforward option. Students become eligible by completing a FAFSA and are entitled to $5,500, $6,500, $7,500, and $7,500 for each academic year. The student is responsible for repaying the loan after graduation.

2. If they choose to work, they could earn approximately $2,500 in work-study and apply their net earnings toward college expenses.

3. The third critical element is free or gift aid that must not be repaid. The admissions department primarily awards this aid, which is subject to negotiation.

Now I will let you decide which award is better.

The cost of attendance at Private College P is $70,000 per year. The student received a $20,000 merit scholarship and submitted a FAFSA for $5,500, leaving a net balance of $44,500 for the student who aspires to become an elementary school teacher.

State College’s cost of attendance is $35,000 per year. The student received a $5,000 merit scholarship and submitted a $5,500 FAFSA, leaving a net balance of $25,500 for the student, who aims to become an elementary school teacher.

Since the student intends to teach at a relatively low salary, the more expensive schools may offer more majors, leading to higher-paying job placements for graduates.

This illustrates when it's time to decide which option is better. The decision can then be appealed through a process called Professional Judgment.