Not All Scholarship Offers Are Created Equal
September is a big month for recruits going on official visits. This is your chance to see what your life would look like as a student at each school you visit. You will go on campus tours, eat meals in the dining hall, watch practices and/or competitions, spend time getting to know the team members, and sit down with the coaches to speak more in depth.
On these visits, or shortly after, it is possible at schools that offer athletic scholarships you may be extended a verbal offer to that specific school.
Different schools will offer scholarships that may vary in price, but you need to understand that the highest dollar amount doesn’t always mean it is the best offer. You need to compare the actual value of each scholarship, not just the total dollar amount.
This same concept goes for students that are looking at schools that may not offer athletic scholarships, but offer varieties of academic, merit, and need-based aid.
You need to understand the three following concepts when looking at financial offers from any school.
Comparing scholarship offers
For many families, the final cost per year to attend a school is going to play a large factor in the final decision.
When you are receiving verbal athletic scholarship offers you will need to compare each offer as no two offers are created equal.
For some student-athletes it is simple if they are in a head count sport.
For those offered a full scholarship based on head count then two offers will be the same.
But the majority of athletes that receive an athletic scholarship offer will likely receive a partial scholarship offer.
These partial scholarships can range from as $1,000 per year up to near full cost of college depending on how coaches disperse their available scholarship money.
Not all scholarships are created equal.
For example, if you receive a $5,000 per year scholarship from a school that costs $20,000 per year and $8,000 per year scholarships from a school that costs $50,000 per year, the $5,000 scholarship would have more value.
This is because the $5,000 scholarship will cover 25% of that school's cost versus the $8,000 per year scholarship only covers 16% of the total cost of that school.
Financial Aid
If you receive a verbal offer from any coach (no matter what the division) you will still have to wait to see what type of financial aid you receive.
For division III schools as well as non-scholarship d1 and d2, your financial aid package you receive will be the sole part of your financial funding from a school.
For schools offering athletic scholarships, your financial aid package will be added onto your athletic scholarship if applicable.
Your financial aid packages can come in the form of academic scholarships, merit scholarships, and need-based scholarships/grants, and federal funding.
Cost of attendance
Your final cost to attend a school will be any athletic/academic/merit scholarships plus any need-based financial aid you receive.
At the end of your acceptance letter and financial aid award letter the schools will show you your expected family contribution (EFC).
Keep in mind that the financial aid award letter you receive may also have federal loans listed which you can choose to accept or not.
For example if you receive a $5,000 per year federal Stafford loan, you will have to pay that back with interest after you are done attending college.
So if you have a $5,000 Stafford loan showing on your financial aid awards letter, and it says your EFC is $15,000 per year, your EFC would rise to $20,000 per year if you chose to not accept the Stafford loan.
Whether you are looking at verbal scholarship offers from coaches or your final financial aid awards package, be sure to compare each based on what your Expected Family Contribution will be in the end to help you make your final decision.