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After colleges send you acceptance letters, they'll send you another letter that's just as important, your financial aid award letter.

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There's no standard format, but they all have the same basic information.

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Here are four tips on how to read your award letters and figure out which school is offering you the best financial package.

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Tip number one, understand the cost of attendance.

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The letter gives you the real cost of attendance, or COA.

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It includes tuition and fees, room and board, books, and even living expenses.

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You may find the school costs more than you thought.

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Tip number two, figure out how much financial aid you're getting.

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The letter lists how much financial aid you're being offered, including grants, scholarships, and work-study.

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You don't have to pay back any of these.

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Work-study is a job on campus with pay.

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You can use that money for living costs.

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You'll also see your eligibility for federal student loans, which you will have to pay back with interest.

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Tip number three, do some simple math.

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Once you've found those key numbers, subtract them from the cost of attendance.

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The remainder is what you'll have to pay on your own, through private student loans or with other funds.

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Tip number four, compare your offers.

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You'll get an award letter from every school that's accepted you and where you've requested financial aid.

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Comparing them can be tricky.

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The easiest way is with a simple spreadsheet.

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Seeing them side-by-side can be helpful, or you can use an online calculator.

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The College Board has one that lets you compare up to four schools.

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Keep in mind, the school with the highest price may have more money to offer you, so it may actually cost less.

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You need to do the math for each school.

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Now that you know how much each school will cost, it's time to decide which one is right for you.

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Good luck, and see you on campus.

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♪