A key factor in the decision of what college to attend is the financial aid award letter. See our recent story that includes these 10 tips compiled from advice by financial aid directors at three of our campuses.

1. Contact the college first, before you talk to your friends, neighbors or a bank.
2. Start early, as comparing letters and talking to colleges about financial aid can be stressful if time is limited.
3. Keep a spreadsheet to compare the comprehensive cost, the total aid in grants and scholarships and the loans offered at each school. Then you can consider value and find the best fit.
4. Ask about outside scholarship policies at each institution, so you know how aid might change if the student receives private, non-institutional scholarships.
5. Determine the deadline for accepting your financial aid award and confirming attendance at your college of choice. The national deadline is May 1, but some schools have a later deadline or will continue to work with students as needed.
6. Ask about renewability of scholarships, grants and loans for each year so you can have as realistic a four-year picture as possible. This will be challenging because many factors, like whether a student has siblings in college, determine aid eligibility.
7. Apply for federal loans first since they generally have the best interest and repayment terms for students and parents. The federal student loan programs have funding limits, however. Be aware that you have many options with private loans, but colleges can help — for example, some schools give a list of preferred lenders or a selection of loans their students have chosen in the past.
8. Remember to file the FAFSA every year. If there are major financial changes during the year, let the school's financial aid office know.
9. Follow through over the spring and summer by signing promissory notes for loans and by either accepting the work study position given or applying for jobs. This varies by college.
10. Ask the college for the exact amount you'll owe each semester; then ask what your payment plan or financing options are.