How should I compare merit aid packages from UVA and Notre Dame?

The biggest practical tradeoff is that UVA’s published cost can vary dramatically based on Virginia residency, while Notre Dame charges the same undergraduate tuition regardless of state residence.

Start with the school’s official cost of attendance, then subtract only grants and scholarships that do not need to be repaid. Separate direct billed costs, such as tuition, mandatory fees, housing, and dining, from likely indirect costs such as books, travel, personal expenses, health insurance, and a computer. Use the same housing and meal-plan assumptions at both schools, since choosing a less expensive option at one school can create a misleading comparison.

Read the award letters and scholarship terms closely. Also ask whether outside scholarships reduce institutional grant aid, and whether the award can be used for summer coursework.

Make a four-year spreadsheet with a conservative annual increase for any costs the college does not lock in. Include expected family contributions, federal loans if offered, and the amount you would need to borrow or earn each year. A package containing loans should not be treated as equivalent to grant aid.

The better financial choice is the school with the lower realistic four-year cost after renewable gift aid and unavoidable borrowing are included.