Learn to identify the different types of aid: grants, scholarships, work-study, and loans.

Understand the crucial difference between 'gift aid' (which you don't repay) and loans.

See how to calculate your actual 'net cost' by subtracting gift aid from the total cost of attendance.

Look out for different types of loans, like subsidized and unsubsidized, and what they mean.

Use a digital comparison tool or spreadsheet to compare award letters from different colleges.

Understand the terms and conditions of each award, including any GPA requirements.

Identify any 'parent PLUS' loans included in the letter, which are taken out by your parents.

Learn how to formally accept or decline each part of the aid package online.

Know who to contact in the financial aid office if you have questions.

Become an expert at reading these confusing but critical documents.