When making a college decision based on scholarship or grant offers, it’s also important to consider the type of scholarships awarded. While a large grant or scholarship may seem amazing at first glance, it’s important to apply it to the “sticker” to determine a school’s net cost price (price without a scholarship minus the scholarship amount). For example, consider a college offering you $10,000 in aid. Seems great, right? While that’s a large amount, consider the school’s “sticker” tuition price of $50,000. Once this aid is applied, your net cost of tuition will be $40,000. That means you’d saved more if you had attended another school with the “sticker” price of $39,000 or under without any aid – and you can always apply for scholarships and grants outside of your college to get that cost reduced even more. Also, think about the type of aid that’s being offered. Is it an opportunity that’s renewable or a one-time scholarship? Is the award merit or need-based?These factors can help determine the net cost of a college (the amount you’ll actually have to pay in tuition) and fluctuate based on your individual circumstances, so it’s important to calculate all potential factors in determining a college’s affordability. Here’s a breakdown of what both types of aid awarded by schools can mean for you:
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