Yesterday’s post outlined the different types of financial aid typically offered by a college. Today let’s talk about where you can go to find out how much (on average) is offered by each school.

So how do you determine which schools offer more in financial aid? A good way to compare schools is by searching for the college’s “Common Data Set.” In this report of information you will see how much the school offered in scholarships, federal grants, institutional grants, need-based loans, non need-based loans, and work-study. Here is an example of what a piece of a Common Data Set’s financial aid section looks like.

Common Data Sets can easily be found by going to a search engine (Yahoo, Google, etc.) and typing in the college’s name and the words “Common Data Set.” Feel free to put the previous year (like 2008? 2009?) in too, as you will then get as up-to-date information as possible.

If you do this for 3 or 4 colleges, you can then compare to see if College A offers more grant money then College B.  You’ll be able to see if  College B offers more loan based financial aid.

In addition to comparing what colleges award in financial aid, you can also do an Expected Family Contribution calculator, to get a baseline estimate of how much the federal government thinks your family can afford for one year of education. You can find those calculators at www.fafsa4caster.ed.gov or at www.finaid.org.

Lastly, make sure to apply for private scholarships. Every little bit helps pay the bill and is less that has to be borrowed. Start with talking to your guidance counselor about what is available through your high school. Also check out popular scholarship websites such as www.nh93.com or www.fastweb.com.  Also make sure to look at the New Hampshire Charitable Foundation’s website at www.nhcf.org (click on Student Aid).

Gathering the financial info,

Rich