Emma Whitford writes for Forbes, saying that April is one of the most emotionally and financially taxing times for a pre-collegiate family. Young people graduating high school are expected to confirm their university choices in April, especially if they are considering American or Canadian private universities. These universities, while offering elite levels of education and noted networks, can be financially out of reach for a number of young students and their families. While universities often offer financial aid, these can often be more challenging to decipher than they initially seem. Here are three easy steps to determining if a particular university, and its financial assistance program, is right for you:

1. Find your true cost of attendance

   Many university financial aid and acceptance letters don’t accurately reflect the cost of attendance, whether it be as a result of hidden fees or not accounting for all the additional costs of living associated with this life transition. In calculating the net cost of attendance, consider including the gross cost of tuition and any additional fees, transit fees, dorm or rent fees, textbook, and allowances for personal expenses (cell phone, entertainment…). While you should subtract any financial aid being offered, you should not remove any loans or work and study grants that would allow you to offset costs at the front of your education, given that these will have other hidden costs either during your period of study or after your education.

2. Understand aid types

   All financial aid has different strings attached, depending on what institution is offering the aid and what kind of aid you are receiving. The terms of these forms of aid may not be clear, and may require close investigation to understand. For example, while you may be offered a 10,000$ merit scholarship, it may be possible that only 2,000$ is paid to you in your first year, with the possibility of either losing the rest of the scholarship or receiving less money than initially promised depending on academic performance. Understanding the associated risks and conditions will help ease financial stress during your already stressful education.

3. If you need more, ask

   Like when you bargain for a car at a dealership, financial aid can be negotiated in what’s called an appeal. Each university has different conditions to allow for an appeal process, but many institutions budget for successful appeals and it is therefore worth your while to ask if additional aid would be possible.

University is a stressful time, but some work during April madness can give you more financial clarity for the next 4 years and beyond.

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