Confused by your college financial aid letter? It’s not your fault.
Many of them are missing important information, use jargon or acronyms, and don’t differentiate between scholarships and loans, according to a new report from think tank NewAmerica and uAspire, a nonprofit that advises students on the financial aid process.
The report, which looked at letters from 900 schools, showed 36% of award letters didn’t state how much a student will actually have to pay.
Financial aid letters are usually sent to students in the spring to tell them what scholarships and grants they’ll receive for the upcoming school year. But the confusion makes it difficult for families to financially prepare when they may have to choose a college before seeing a final bill.
