NEWARK, DE — Sallie Mae (Nasdaq: SLM) is advising students and families on how to compare college financial aid offers as acceptance letters arrive and decisions about enrollment are made.
Financial aid letters, issued after students complete the Free Application for Federal Student Aid, outline scholarships, grants, and loans, but differences in format and terminology can make comparisons difficult.
Data cited by Sallie Mae show that 36% of families said their aid offer included the full cost of attendance, while 27% reported that out-of-pocket costs were clearly outlined.
The company said 20% of families were unaware loans could be included in aid packages, and 19% believed loans offered had to be accepted.
“Choosing a college is one of the biggest financial decisions a family will make, and they need clear, easy-to-compare information,” said Rick Castellano, vice president at Sallie Mae.
Sallie Mae advises families to evaluate aid packages based on the balance of scholarships and grants versus loans, noting that larger offers may not result in lower overall costs.
The company also recommends reviewing terminology used in aid letters, accepting only necessary funding, and contacting financial aid offices to clarify details or request reconsideration if financial circumstances change.
Scholarships and grants are typically not repaid, while loans must be repaid and should be used selectively based on financial planning needs.
Sallie Mae provides student lending and financial education resources to support college access and affordability.
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