There are two ways to compare the cost of different schools. One is to look at the simple price tag. Which school costs less per year? The other is to ask which school will cost you less per year. The answers might not be the same. More expensive schools tend to have more aid available, and are often much more willing and able to be creative in helping you find the aid you need. Scholarships, grant packages, and athletic offers could bring the price of an expensive private school below the cost of a public school.

Award letters are usually sent out in April. Sit down and compare all the award letters you get. Remember that not all aid money is equally valuable. Grants, scholarships, and tuition discounts are better than loans, simply because you have to repay a loan. And subsidized loans are better than unsubsidized loans. On subsidized loans, the interest is paid for you while you’re in school. The interest on an unsubsidized loan starts mounting as soon as you get the loan. Use this Nellie Mae calculator to compare award letters and get an idea of the actual cost to you for each school you’re considering.