Today is April Fool’s day. I have to admit, it’s not one of my favorite Hallmark holidays. I’m not much of a prankster and I always disliked being on the receiving end of a prank. None of us do. But colleges, all over the country, are pranking parents and students today. How? With the financial aid award letter. But don’t be fooled.
Colleges don’t back their admission offer up with money–if a college wants your student, they will back it up with a financial “reward”. No award indicates they are counting on your student declining their offer. Read this…
Colleges pack those letters with loans–a prank because every student and parent can get a student loan. Read this…
Colleges misrepresent their true cost on those letter–often leaving out expenses that should be considered and not giving the true cost of attendance. Read this…
Colleges “gap” students–they don’t award enough financial aid to meet the family’s EFC. This leaves a gap in the award and what the family has to pay. Read this…
Colleges consider it an award letter although there’s no award–even if all they offer is a student loan. That’s not an award. That’s not even an olive branch. It’s a slap in the face. Read this…
Be a wise consumer. Don’t be fooled by award letters. Do your due diligence and compare offers, crunch the numbers, and make a wise financial decision. Remember that part of the perfect fit college is the financial aspect. A college who won’t back their offer up with money isn’t a college you should consider.
Don’t be pranked by the colleges. I would never fool you; but Happy April Fools Day!
Read Wendy’s post: How a Joke Helps No Fooling College Prep
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