Question

Along with the amount of financial aid, which is the most important to pay attention to when trying to determine financial aid costs in relation to your personal budget?

Answer 1

When determining financial aid costs in relation to your personal budget, it's crucial to pay attention not only to the amount of financial aid you receive but also to the **total cost of attendance (COA)**. The COA includes tuition and fees, room and board, books and supplies, personal expenses, and transportation.

Understanding the COA allows you to create a comprehensive budget that reflects all necessary expenses. This will help you evaluate how much of your financial aid will be needed to cover these costs and how much you may need to supplement with personal funds or additional loans.

Additionally, be mindful of the **type of financial aid** you receive (grants, scholarships, loans, work-study) because loans will need to be repaid and can significantly impact your long-term financial health. Finally, consider the **net price**, which is the total cost of attendance minus any scholarships and grants, giving you a clearer picture of what you will actually need to finance.