How should I compare Duke and UChicago financial aid offers to determine which is more affordable?

Choose the offer with the lower realistic four-year out-of-pocket cost, not the one that advertises the larger total aid award. For each school, start with its full cost of attendance and subtract only grants and scholarships that do not need to be repaid. Duke and UChicago may list similar-looking awards while assigning different amounts to loans, work-study, or estimated personal expenses.

Build the same one-year comparison for both: tuition and required fees, housing and food for the housing option you would actually use, books and supplies, travel home, health insurance if you will not be covered by a family plan, and personal expenses. Then subtract institutional grants, outside scholarships that are confirmed, and any renewable merit award. The result is the amount your family must cover through savings, current income, payment plans, or borrowing.

Do not treat federal student loans and work-study as discounts. A loan reduces the bill now but creates repayment after college; list its amount separately and check whether it is subsidized or unsubsidized. Work-study is an opportunity to earn wages through a campus job, not money automatically credited to your bill, so count it only to the extent you expect to work those hours.

Next, compare renewal terms. Confirm whether each Duke or UChicago grant is guaranteed for four years, whether it depends on continued demonstrated financial need, and whether a parent income increase, sibling leaving college, or a change in enrollment could alter the package. Also ask each financial-aid office to clarify any unusual line item and whether it can reconsider the offer based on the other school’s award, changed family circumstances, or documented one-time costs.

Finally, project four years rather than multiplying the first-year gap blindly. Tuition, housing, and travel costs can rise, while need-based aid may change with your family’s financial situation. The offer that leaves less borrowing and a smaller annual family contribution after those factors is the more affordable one.