How to Get the Best Financial Package

By SiliconIndia   |   Tuesday, 27 September, 2011
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Bangalore: When it comes to deciding where you want to go to college, the final decision will certainly come down to dollars, rupees and pounds along with what an university may offer in terms of education and extracurricular. Even though you have got an acceptance letter from you 1st choice university, you need to look into the financial aids provided by institutes. Most institutions determine their aid packages based on the size of their bequest, a family's financial need and how much the particular school wants the student. Financial aids sometime are so generous that expensive private institutions might seem to be cheaper to attend than a state university. Here are a few tips on how to get the best financial package.

Compare Costs: If you are a fantastic student, you will be offered plenty of financial aid packages from various colleges. Pay special attention to the type of packages each college offers and there are chances that you may have a better shot of improving your package and make your decision based on each college's award package.

Deal with the "Gap": Colleges often admit students but do not meet their financial requirements. When colleges do this, they are just trying to imply that they need to meet their admission quota but are not eager to award you any inducement to attend. Usually colleges who do this are hoping for you to decline their offer of admission. In such a case, Decline it! The college noticeably does not value your contribution to their student council and instead choose a college that is willing to offer you a generous package because they want you to attend.

Consider the Other Factors: Consider other factors that influence your choice for a college like the aid package, courses offered, the location, and never exclude your "gut" feeling.

Understand the difference: Be sure to understand the difference between packages and the types of aids provided by various institutes. Though it is simple, you may occasionally overlook points that grants and scholarships don't have to be paid back while loans have to.

Don't be afraid to ask: Though tuition and financial –aid budgets are not kept up, it doesn't mean your query isn't worth a letter or phone call.
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