Heed this warning when your dream college offers abundant financial “awards” that will enable you to attend their exalted institution.
There are other siren songs out there. A school’s financial aid adviser isn’t always a freshman’s best friend. While seldom openly stated, their job is to supply the college with as many paying freshmen as possible. Budgets even at schools like Brown and Duke will only balance if over half of their students foot the full bill. Few colleges offer actual cash assistance – at best, like car dealers, they dangle discounts – so they steer less affluent students to loans. So-called aid officers do this for one reason: the money you borrow goes into the college’s coffers. Paying it later will be your problem.
Reminds me of this one. When is an ‘award’ really a loan?