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Tools and Tips to Interpret a Financial Aid Award Letter

Impact Advisors Group and The College Advice Guy are excited to present a powerful 60 Minute session designed to help parents decipher what sometimes are notoriously hard to interpret college award letters.

It's rare for an award letter to provide a clear answer to the net price of a school, and as of we needed more evidence, the General Accountability Office came out with a report in November that documented just how pathetic these letters are.

Here are some key findings:
• Roughly 91%(!!) of colleges and universities understate or don't include what a family's net price would be in the financial aid award letters they issue.
• Breaking down the above figure, 41% don't include net price at all in award letters and 50% understate the cost by ignoring key costs and also tricking families by using loans to make the net price seem lower than it actually is.
• Only 9% of schools actually did the right thing and provided the net cost by strictly subtracting grants and scholarships from the cost of attendance,
• Federal law does not require colleges to include clear or standard information in their financial aid offers. Don't hold your breath that federal legislation solving this age-old problem will pass.

Impact Advisors Group and the College Advice Guy are passionate about empowering families to become informed consumers of higher education so that they don't pay a penny more for college than they absolutely have to. We work with families to help demystify the college funding process.

Mar 21, 2023 07:00 PM in Eastern Time (US and Canada)