New Award Advisor tool helps families easily compare financial aid offers
Granite Edvance is an Award Advisor network partner
You’ve done all the hard work of applying to college and played the stressful waiting game that goes with it. Now, acceptance letters in hand, you’ve almost made it to the finish line. But wait! There’s a complicated puzzle to solve before you can proceed: comparing financial aid offers.
If you’re confused or stressed by this step, we’ve got good news. A new tool called Award Advisor™ can help simplify the process. Award Advisor, created by fellow nonprofit, Vermont Student Assistance Corporation (VSAC), is designed to help students and families make informed decisions about how to pay for college.
“Comparing financial aid offers can be a difficult and stressful experience because so much is riding on this decision. Not only that, but there’s a lot of variation in how schools present their financial aid packages,” said Micha Sabovik, Vice President of Growth and Lending Solutions at Granite Edvance. “We’re excited to spread the word about this tool to help support families in this important step.”
Award Advisor works like this:
- Download the free app
- Create an account
- Add the schools you’re considering
- Upload your financial aid offers from these schools
- Add any other financial resources you’re planning to use, such as savings accounts and private scholarships
Award Advisor then pulls in data from offer letters and creates standardized views of each offer that can easily be compared side-by-side. Additionally, if there’s a funding gap between the net cost and the family’s resources, Award Advisor will suggest nonprofit lenders based on state of residence or school location. Granite Edvance, one of a handful of nonprofits that offer student loans nationally, will be listed as a loan option in NH; its EdvestinU loan options will be listed in 28 other states.
“Joining Award Advisor’s network is another way we’re helping families access affordable options to pay for college,” Sabovik said. “As a nonprofit lender, we’re focused on offering the most competitive rates possible, as well as helpful benefits to support our borrowers. Award Advisor’s goal of helping families make informed decisions also goes hand-in-hand with Granite Edvance’s mission.”
VSAC developed Award Advisor in response to research showing that variability in how college costs and aid packages are presented makes it hard for families to compare their options. Students and families who are unfamiliar with the process and terminology and lack support could end up in higher debt or even opting out of college.
The tool will also prove valuable to school counselors and others who support students in planning for college, eliminating time spent making manual calculations.
For students and families who need further assistance in comparing offers, Granite Edvance’s Education and Career Planning team offers 1-on-1 “Comparing Financial Aid Offer” appointments. For students and families who want to learn more about private student loan options or apply for a loan, our Customer Experience team offers personalized assistance via phone, email, and 1-on-1 virtual or in-person appointments. Visit Graniteedvance.org/help.
*Granite Edvance Student Loans may be made by Granite Edvance or Bank of Lake Mills, member FDIC.
Photo information: Photo by Allison Shelley/Complete College Photo Library