First Test For College Hopefuls? Decoding Financial Aid Letters | WAMU 88.5 - American University Radio
Filed Under:

First Test For College Hopefuls? Decoding Financial Aid Letters

Play associated audio

Around the country, millions of parents of prospective college freshmen are puzzling over one big question: How will we pay for college?

The first step for many families is reviewing the financial aid award letters they receive from each school. But often those letters can be confusing. Some are filled with acronyms and abbreviations, others lump scholarships and loans together. And because they're often very different, they're also difficult to compare.

Chris Reeves, a guidance counselor at Beechwood High School in Fort Mitchell, Ky., tells NPR's David Greene that he fields lots of questions from families trying to decipher their award letters. "They don't always understand that part of the financial aid package includes loans," he says.

But loans "don't really reduce your costs," explains Mark Kantrowitz, founder of the financial aid website FinAid.org and publisher of Edvisors Network. "They simply spread them out over time. ... A loan is a loan. It has to be repaid, usually with interest — which increases your costs."

While the gap between the true cost of attendance and what a family can afford is often large, Reeves says there is sometimes wiggle room with individual financial aid offices.

Just last year, he says, one student was very close to being able to afford his choice school. "So, I just said, 'I think with a little bit more, he can make it.' And they came up with $1,000 more. And the student is attending and he's happy."

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

NPR

If Robots 'Speak,' Will We Listen? Novel Imagines A Future Changed By AI

As artificial intelligence alters human connection, Louisa Hall's characters wrestle with whether machines can truly feel. Some "feel they have to stand up for a robot's right to exist," Hall says.
NPR

Aphrodisiacs Can Spark Sexual Imagination, But Probably Not Libido

Going on a picnic with someone special? Make sure to pack watermelon, a food that lore says is an aphrodisiac. No food is actually scientifically linked to desire, but here's how some got that rep.
NPR

A Reopened Embassy In Havana Could Be A Boon For U.S. Businesses

When the U.S. reopens its embassy in Havana, it will increase its staff. That should mean more help for American businesses hoping to gain a foothold on the Communist island.
NPR

In A Twist, Tech Companies Are Outsourcing Computer Work To ... Humans

A new trend is sweeping the tech world: hiring real people. NPR's Arun Rath talks to Wired reporter Julia Greenberg about why tech giants are learning to trust human instinct instead of algorithms.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.