With yearly tuition increases exceeding twice the rate of inflation, aid packages contain a lot more loans than grants. 1. Look for the steak, ignore the sizzle. Here's the college marketing mentality: let's go for the lower common denominators to attract students. One Ohio university spent $140 million dollars on a sports complex that features canoes, batting cages, massages, and a climbing wall big enough to handle 50 students. Don't waste your time traveling to a beautiful campus whose aid plan is weighted heavily towards loans. Ball State University's published aid-package ratio approximates 60% loans to 40% grants, whereas Stonehill College's is 60% grants to 40% loans. Two good schools, but one better aid package (steak). Here's a huge steak tip: to discover who has better grant-to-loan ratios, go to http://www.collegeboard.com and do a college search. Go to the school's Cost & Financial Aid and look for the average percent of need met.
Higher SAT/ACT scores can mean more grant money from private colleges. Children of millionaires can get this money. Visit the college's website, click on "Financial Aid," and look for the school's scholarships that list their requirements. Colleges want you to believe there's more to choosing a college than just money. Colleges are in the game of marketing their own banquet of sizzle, and if Stonehill can do the same for your child as Ball State, your choice is easy. There are plenty of good schools like Ball State, but with better aid packages like Stonehill's. With growing endowments, private colleges are private banks. More steak, please.
Grant and scholarship monies are awarded mostly on merit (great grades and test scores) rather than need. This money is donated by corporations, alumni, government, or the college.
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