Comparing Aid Packages
When college-bound students complete and submit their FAFSA, the federal government sends the student’s Expected Family Contribution (EFC) to the schools listed on their FAFSA.
The EFC is the amount students and their families are expected to pay toward college. Colleges subtract the EFC from the total cost of attendance to determine financial need, then develop the student’s financial aid package.
The financial aid package includes federal and state grant awards, institutional awards, work-study and federal student loans.
Each school provides an award letter, notifying students of the types and amount of financial aid the school is offering. Students and their parents should compare the award letters from various schools to determine which offers the best financial package.
The Award Analyzer on EducationPlanner.org makes it easier for you to compare your aid packages.
Students enter the financial aid information from their award letters into the spreadsheet, then select ‘Calculate’ to see their results. The Award Analyzer allows students and their families to compare the award packages side-by-side to determine which college offered the best package.

How Scholarships May Affect a Student’s Aid Package
Your and your family may wonder how private scholarships (non-institutional awards) affect a student’s aid package.
Many students who receive private scholarships also receive federal and state student aid (federal and state grants, student loans, and work-study) and institutional grants. It’s possible that a student who obtains a private scholarship may have their aid package adjusted.
If the student’s total financial need:

• Has been met, the college is required to reduce any need-based award. Some colleges try to reduce the self-help portion (student loans and work-study); others reduce the institutional grant, especially if they’ve awarded the grant to help meet the student’s financial need.
• Hasn’t been met, private scholarships may be used to satisfy the remaining need. Since many colleges are unable to meet a student’s total financial need, a student’s aid packages may not be affected.