Comparing Financial Aid Award Letters
Since full athletic scholarships are rare, student athletes must supplement their athletic scholarships with academic scholarships, need-based aid, and other financial resources to cover their total college costs. To compare financial aid offers effectively, students must first calculate their total expected and unexpected costs, including tuition, fees, transportation, and other living expenses associated with each school. This can seem like a daunting task for any second semester high school senior, but please rest assured that the clarity is well-worth the effort. Understanding these costs before applying any financial aid helps determine the actual cost of attending each school.
Next, students should add up their federal student aid, which includes grants, work-study opportunities, and loans. Grants and scholarships are the most beneficial as they do not require repayment, while student loans come with varying interest rates and repayment terms. Subsidized loans are need-based, and the government covers the interest while the student is in school at least half-time. Unsubsidized loans, on the other hand, begin accruing interest immediately after disbursement, increasing the total amount owed over time. Knowing the differences between these loan types is key to making informed borrowing decisions.
State and institutional aid can significantly reduce out-of-pocket expenses. Many states offer need-based grants, while colleges provide merit-based or need-based scholarships. Comparing net prices rather than sticker prices helps students determine which school offers the most financial value.
For student athletes facing financial gaps, effective communication with the coaching staff, regional admissions representative, and assigned financial aid counselor can be invaluable in navigating the process. Exploring additional funding options such as part-time work via NIL options, private student loans, and external scholarships can help bridge the gap. When considering loans, federal student loans are typically the better option, as they offer lower interest rates and more flexible repayment plans compared to private loans, which often require a cosigner and may require immediate payments.
Beyond finances, students should consider personal preferences like class size, campus culture, and career outcomes. Using tools like the College Scorecard can provide insights into graduation rates, average salaries, and campus diversity. Ranking schools based on financial, academic, and personal factors (including athletics) ensures a well-informed college decision. At POLARIS, we dive into all of this throughout the college search, application, and matriculation process while supporting our student athletes and their families throughout their admissions journey. Our goal is to reduce stress while helping student athletes and their families confidently compare schools based on financial, academic, athletic, and personal factors to make a well-informed college decision.