Step 1: Find the full cost of attendance
Use the school's cost of attendance, not just tuition: tuition and fees, housing, food, books, transport and personal costs. If an offer leaves housing or books out, add them back.
Step 2: Subtract only free money
Grants and scholarships do not have to be repaid. Subtract them. Do not subtract loans (federal or private) or work-study, which you earn by working during the year.
Cost of attendance minus grants and scholarships = your net cost.
Step 3: Check whether the grants renew
Ask whether each scholarship renews every year and what you must do to keep it (a minimum GPA, a major, full-time enrollment).
Step 4: Look at the loans separately
Add up the loans offered. Federal Direct Loans have fixed rates and income-driven repayment options. Parent PLUS and private loans usually cost more.
Step 5: Compare against outcomes
Put the finalists side by side with our compare tool: net cost, graduation rate and the median earnings of former students. A school that costs a little more but graduates far more students can be the better deal.
A worked example
Say two colleges admit you.
| What it covers | College A | College B |
|---|---|---|
| Cost of attendance | $34,000 | $58,000 |
| Grants and scholarships | $9,000 | $38,000 |
| Your net cost | $25,000 | $20,000 |
| Loans offered | $5,500 | $5,500 |
| Work-study offered | $0 | $2,500 |
College B has the higher sticker price but costs $5,000 less a year. The loans and work-study do not change that: they are ways to pay the net cost, not discounts. (These numbers are an example, not real colleges.)
Watch for these traps
- Missing costs. Some offers show only tuition and fees. Add housing, food, books and travel from the college's cost of attendance page.
- Loans listed as "aid." Federal Direct Loans and Parent PLUS loans appear in many offers. They must be repaid with interest. For loans first disbursed from July 1, 2026 to June 30, 2027, the fixed rate is 6.52% for undergraduate Direct Loans and 9.07% for PLUS loans (Federal Student Aid).
- Scholarships that end after year one. Ask in writing whether each award renews and what keeps it.
- A "gap." If the offer leaves part of the cost uncovered, that gap is what your family pays from savings, income or loans.
- Parent PLUS limits. New Parent PLUS loans are capped from July 1, 2026. See Parent PLUS loans explained.
Questions to ask each aid office
- Which of these awards renew every year, and what do I need to keep them?
- Will my grant change if my family's income changes next year?
- Is the cost of attendance the same for every year, or does it rise?
- What happens to my aid if I get an outside scholarship?
- Is there a payment plan, and does it charge a fee?
You can ask for more
If one school offers much less than a similar school, you can write to the financial aid office, explain the difference and include the other offer. It does not always work, but colleges do review requests, especially when your family's situation has changed. Our guide on how to appeal a financial aid offer has the steps and a sample letter.
Sources
- College Scorecard data, U.S. Department of Education, release of October 15, 2026
- Federal Student Aid: interest rates for 2026-27, checked October 23, 2026
- College Scorecard data dictionary
