Parents’ Guide to Decoding Financial Aid Award Letters: College Cost Transparency Explained

Learn how to read and compare financial aid award letters with confidence. In this episode of College! The Podcast, Peg Keough and Megan Walter from the College Cost Transparency Initiative explain what every parent needs to know to spot hidden costs, understand true net price, and plan for all four years of college.

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Key Highlights:

• Why financial aid award letters often lack clarity — and how to spot misleading details.

• The difference between direct costs, indirect costs, grants, work-study, and loans.

• How the College Cost Transparency Initiative sets voluntary standards for clear award letters.

• Why families should calculate a four-year net cost instead of focusing on just year one.

• Practical tips for comparing offers and avoiding unnecessary student or parent debt.