FAFSA SAI received - How to compare financial aid offers to decide which college is affordable?
Just got my Student Aid Index (SAI) from my FAFSA and have acceptance letters from 3 colleges so far (still waiting on 4 more). I'm completely lost about what happens next in terms of figuring out which school I can actually afford. Do different colleges offer different financial aid packages even with the same SAI number? When exactly do they send the financial aid info - is it with the acceptance letter or later? Should I wait until ALL my acceptance letters come in before making any decisions about affordability? The whole timeline is confusing me. My parents aren't familiar with the US college system so I'm trying to figure this out myself. Any guidance would be really appreciated!
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Hazel Garcia
Congratulations on your acceptances! Yes, each college will give you a different financial aid package even with the same SAI. Your SAI is just one factor schools use when determining your aid. Here's the typical process: 1. You receive acceptances (which you're getting now) 2. Financial aid award letters typically come separately, usually 1-4 weeks after acceptance 3. These letters detail grants, scholarships, work-study, and loan options 4. You compare all offers before making your final decision by May 1st Don't worry about waiting - you don't have to respond to any school until the national decision deadline (May 1st), so you'll have time to see all your financial options.
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Salim Nasir
•Thank you!! This timeline helps a lot. So if I understand correctly, I should get financial aid info from each school before May 1st, and then I can compare all the packages side by side before deciding? Even if I got accepted in February vs April?
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Laila Fury
Quick tip: Start a spreadsheet RIGHT NOW to compare your offers when they come in! Different schools present their financial aid info in different formats (which is SO annoying) and it can be hard to see which is actually better. List total cost, grants, scholarships, work-study, loans for each school. Then subtract the free money (grants/scholarships) from the total cost to see your actual out-of-pocket cost. That's the real number to compare.
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Salim Nasir
•The spreadsheet is a great idea. I was confused about how to compare them fairly. Do schools typically list the same costs, or do some leave things out that I should watch for?
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Laila Fury
•Great question! Watch out for schools that don't include ALL costs. Some only show tuition+fees but leave out room/board, books, travel expenses, etc. Make sure each column in your spreadsheet accounts for: - Tuition & fees - Room & board - Books & supplies (budget ~$1200/yr) - Personal expenses (~$2000/yr) - Transportation This gives you the TRUE cost of attendance for fair comparison.
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Geoff Richards
congrats on the acceptances! each school has totally different ways they give out $$$, not just based on your SAI. some schools have big endowments and give more grants, others push loans more. be careful about looking at the "total financial aid" number they show you - sometimes they include parent plus loans in there which arent really aid imo
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Simon White
Honest talk - just wait for all the financial aid packages to come in. You can't make a good decision until you have all the info. I made the mistake of committing to a school early because they gave me what seemed like a good package, only to find out later another school would have been WAY cheaper. May 1 is your deadline for most schools, so you have time.
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Hugo Kass
•THIS!!! Also, don't forget you can APPEAL your financial aid offer if it's not enough! My daughter got an extra $6000 per year just by writing a letter explaining our circumstances and comparing what other schools offered her. Most people don't know you can negotiate!
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Nasira Ibanez
Remember, your final financial aid package might not match the early estimate on the college's net price calculator. Sometimes there's a HUGE difference. Wait for the official award letters before making any decisions. And if you're having trouble reaching the financial aid office at any school (which happens A LOT this time of year), I recently used Claimyr to get through to my son's top choice school when we had questions about his package. You can see how it works at https://youtu.be/TbC8dZQWYNQ - saved us hours of busy signals and waiting on hold. Their website is claimyr.com - it was super helpful for actually getting answers on his aid.
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Khalil Urso
•is this service expensive? trying to keep costs down and dont wanna pay just to talk to a school im already paying thousands to attend lol
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Simon White
another thing - some schools front-load their aid, meaning they give you more $$ for freshman year than later years. ASK if the scholarships/grants renew all 4 years and what the requirements are!!!!
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Salim Nasir
You guys are all amazing! There's so much I didn't know about this process. One more question - my SAI was 8900, is that considered high or low? Will that qualify me for decent aid at most schools or am I going to be stuck with mostly loans?
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Hazel Garcia
•An SAI of 8900 is actually in a pretty good range - not the lowest (which would be 0) but definitely low enough to qualify for significant aid at many schools. You'll likely be eligible for some need-based grants at many institutions, especially private colleges with good endowments. Public universities might offer less need-based aid but could have merit scholarships. With this SAI, you'd likely qualify for some Pell Grant money (not the maximum, but some), and different schools will fill in the rest of your need with their institutional grants, work-study, and yes, some loans. But you're definitely in a position to receive substantial grant aid at many places.
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Hugo Kass
One thing I learned the hard way - try to minimize loans as much as possible!!! My oldest graduated with $67,000 in loans and it's BRUTAL paying them back on an entry-level salary. Look very carefully at the FREE money (grants/scholarships) vs loans. Sometimes the "prestigious" school with less aid is NOT worth the debt.
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Myles Regis
•THIS! I went to a "name brand" school and now I'm drowning in debt. My friends who went to state schools are living their best lives while I'm eating ramen to make my loan payments. Prestige isn't worth the stress.
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Geoff Richards
oh & make sure u understand the diff between subsidized vs unsubsidized loans!! subsidized = govt pays interest while ur in school, unsubsidized = interest accrues the whole time (MUCH more expensive in the long run
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Hazel Garcia
As you're evaluating offers, also pay attention to the ENTIRE cost of attendance. Some schools in expensive cities have much higher living costs than schools in rural areas. A school offering slightly less aid might actually be more affordable if it's in a lower-cost area. Looking at just the tuition number doesn't tell the whole story. And if you have specific questions about your aid package at any school, don't hesitate to call their financial aid office directly. They can often explain details that aren't clear in the letters.
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