As your acceptances begin to pour in, it’s critical to review each school’s financial aid package. The best way of evaluating the offers is by placing them on a spreadsheet, or a big piece of paper, and writing down the following information for each of your schools:
Line 1: The Total Cost of Attending (tuition + room & board + books + any fees + any projected travel) [COA]
Line 2: Your Effective Family Contribution (calculated by the FAFSA form) [EFC]
Line 3: Your Need (calculated by: Line 1 – Line 2)
Line 4: The detailed financial package you’ve been offered.
The above is the fundamental financial aid formula. If you hate formulas, please read on anyway; the information might prove useful.