In the weeks leading up to National College Decision Day on May 1, students will weigh the pros and cons of each school. But the deciding factor often comes down to cost.
For a majority of college hopefuls and their families, the financial aid offer is key in choosing where to attend and how to cover the tab. The total amount of aid matters, as does the breakdown between grants, scholarships and student loans.
“Right now, the focus should be on understanding how much of the package is free money like grants and scholarships, how much may need to be borrowed, and what that borrowing could mean for your budget over time,” said Katarina Ellison, a spokesperson for education lender Sallie Mae.
Over the years, there has been a slow shift to a “high-tuition, high-aid” model, where colleges both raise tuition and increase grant aid, according to Emily Cook, an assistant professor of economics at Texas A&M University.
Now, about two-thirds of full-time students receive some sort of financial assistance, which can bring college costs significantly down.
