How should I compare financial aid offers from Emory and UChicago?

Compare the offers by calculating your family’s actual four-year cash cost, not by comparing the colleges’ stated cost of attendance or total aid.

Start with each school’s billed first-year amount: tuition, mandatory fees, housing, food, and required health insurance if you will not waive it. Subtract only grants and scholarships, since those do not have to be repaid. Treat work-study separately: it is an opportunity to earn wages during the year, not money automatically applied to the bill, and students should not assume they will earn the full amount without working the hours.

Then identify every loan by type and amount. Federal Direct Subsidized Loans are typically less burdensome than unsubsidized or private loans because interest treatment is more favorable, but all borrowing raises the true cost. A package with a lower bill can be weaker if it depends on substantial loans each year. Also distinguish student loans from any parent borrowing; parent loans are not need-based aid and can carry higher costs.

Project the offer across four years. Include likely annual expenses that may differ between Atlanta and Chicago, such as travel home, winter clothing, personal expenses, and off-campus housing after the first year.

A useful final comparison is: total four-year family cash contribution plus projected student borrowing, minus realistic work earnings. If the totals are close, favor the offer with more guaranteed grant aid and fewer conditions, since it creates less financial uncertainty while you are enrolled.