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By including loans in the financial aid package at the time of application to (of buying) the college, it APPEARS to make the NET PRICE (vs sticker), or the 'final price', to go down.
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Yes, it is correct that many people make this mistake when comparing "financial aid" offers. See
http://www.economics.harvard.edu/fac...s/aidpaper.pdf
for a detailed discussion of the mistakes many families make when deciding which offer of financial aid is best.