Imagine you’ve just been accepted to the college of your dreams. At first you feel elation, but then anxiety sets in — will you and your family be able to afford it? Since financial aid packages often blur the line between grants and loans, it might be hard to tell. A $40,000 "award" at one school might seem like a much better deal than a $20,000 package at another — unless you realize the larger "award" consists mostly of loans. With borrowing and loan default rates on the rise, aid packages have huge consequences for students’ educational and financial lives.