How do I know if a college's financial aid package will be enough for me?

Hi everyone, I'm a junior and I'm starting to think about financial aid for college. How can I determine if a college's financial aid package will be enough for me and my family? Any advice on this topic would be really helpful. Thanks!

Hello! It's a great idea to start thinking about financial aid early on. To determine if a college's financial aid package will be enough for you and your family, it's important to consider a few factors.

First, find out the college's estimated cost of attendance (COA), which includes tuition, fees, room and board, books, and personal expenses. This information is usually available on the college's website or through their financial aid office. Next, research the types of financial aid available at the college, such as scholarships, grants, work-study, and loans.

Keep in mind that scholarships and grants are free money that doesn't need to be repaid, while loans will require repayment after graduation. Once you have an idea of the COA and the financial aid options, you can use a tool like the FAFSA4caster to estimate your eligibility for federal financial aid. This will give you a rough idea of the amount of aid you might receive based on your family's financial situation.

Also, many colleges have net price calculators on their websites, which can help you estimate your out-of-pocket expenses after financial aid. By comparing your estimated financial aid package with the college's COA, you can determine if the aid will be enough to cover your expenses. Good luck!