High school seniors around the country are starting to receive college acceptance letters. For many families, there’s both excitement and concern. Excitement for the future, but concern over the costs.

Many financial aid offers may include a generous scholarship, typically known as merit awards. These awards come from the admissions office and are based on criteria like GPA and SAT scores. And some of them look very generous — upwards of $20,000 or $30,000 per year.

But families are asking themselves: Is this actually a good financial aid offer?

The answer isn’t always clear, and it varies from family to family. It also doesn’t help that financial aid award letters are rarely consistent, sometimes incorrect and even misleading. Just getting a large scholarship upfront doesn’t necessarily make a high-priced college affordable. And comparing financial aid offers can be tough.

Here’s what to know about that financial aid award and how to tell if it’s actually “good.”

Many families focus on the top number: how big of a scholarship did my student receive? But that number alone doesn’t tell you much.

According to financial aid expert Mark Salisbury of TuitionFit, “A good financial aid award is one that doesn’t put you in financial trouble four years later. And that answer is different for every family."

A student considering medical school may be able to tolerate a higher undergraduate price tag, knowing their future earnings can support it. Other families may prioritize graduating college debt-free. Others may be willing to take on student loans, but only up to a certain limit. And some parents may want to help, while others don’t have the means to.

A “good” financial aid offer is not universal. It’s personal. It has to........

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