Completely clueless about financial aid

NikkiiL
Wed, 16 Apr 2008 22:48:00 +0000

It depends on what the total cost of each school is. While there is a $5,000 difference between grant funds, the main deciding factor is going to be how much are you really going to need to take out loans to cover.

Example: School A that offered $27k in grants…If the total cost per year is only $40k, then you need $13k in loans or other funding to pay for the education. School B that offered only $20k in grants…If the total cost per year is only $30k, then you only need to find $10k.

You also need to look at whether the grants are renewable and/or need based. If they are not renewable, then you need to explore how you will fund your education past year 1. If they are need based, then you need to explore how you could make up any difference lost if the finances increase.