Laying two offers side by side

Build one table for every school

Draw a table with one column for each school and the same rows down the side. Use rows for direct costs, indirect costs, total cost of attendance, grants, scholarships, net price, work-study and each type of loan. Copy the amounts from each offer into the corresponding rows, even when a school names them differently.

If an offer leaves out a cost, such as books or transportation, find the figure on the school's website or ask the aid office for it. A blank where another school lists an amount makes the incomplete offer look cheaper than it is.

Use the same assumptions for each

Check that each offer assumes the same situation. One school may have priced on-campus housing while another assumed you would live at home, and one may have planned for full-time study while another used a lighter load. Adjust the rows or ask each office for figures on the same basis before you compare.

Look past the first year as well. Ask whether each grant and scholarship renews, what you must do to keep it and whether tuition is expected to rise. An offer with a large one-year award can cost more over four years than one with smaller aid that renews every year.

Compare the right number

Compare net price first, then compare how much each school expects you to borrow. A larger total aid figure often means a larger loan rather than a lower cost. Two offers with the same net price can still differ if one fills the gap with work-study and the other with loans.

Once you know which school costs less, weigh that against everything else that matters to you, from programs to distance from home. If the school you prefer costs more, the next lesson explains how to ask its aid office to take another look.