With your "fat envelopes" in hand, your final choice may be a no-brainer. But if you did not get into your top choice — or you simply can't decide — there's more work ahead. Here are some tried and true tips to help you make your decision.

• Review what's more important to you. College culture? Location? Excellence in your major? Cost? Size? Something else?
• Rank these "gotta have's" and ask yourself how each college stacks up. One college is bound to stand out from the rest.
• Take a second look at the cost and make sure it is affordable.
• Talk through the pros and cons with your parents and counselor.
• If you still aren't sure, visit the college if you can.

Make your decision and get on with your senior year. Oh, and don't catch senioritis. Colleges still count your grades down to the wire in June.

a wait list?

A "wait list" is a list of qualified candidates the college doesn't admit. Fewer than ten percent of wait-listed applicants normally get accepted. Over a third of colleges admit none of the students on their wait list.

Surprisingly, a package that seems to be smaller can actually be worth more when it comes to reducing your college costs. Here's why:

• Gift aid, which is money you don't repay, reduces college costs dollar for dollar. Scholarships and grants are gift aid.
• Self-help aid, which is money you repay or earn, uses your own money to pay for college. Loans and work-study are self-help aid.

So which is a better deal?
Package A: $25,000 ($20,000 loan plus $5,000 grant)
Package B: $20,000 ($15,000 grant plus $5,000 work-study)

If you picked B, you are on the way to being a very smart financial aid consumer! Of course, financial aid is just one factor in your college decision. Your top choice may not be the best financial "deal", but may be a great match in other ways. Click the links below to learn more about evaluating financial aid offers and weighing them against other factors in your final choice.

an award letter?

An award letter is the list of awards and amounts the college is offering you. You can accept or decline each award separately. Other information included is the cost of attendance, your expected family contribution (EFC), and how and when the money will be disbursed.

Virtually all colleges accept results from both the SAT Reasoning Test and the ACT Test. Some students find they do better on one than the other. So, what makes the two tests different?

According to the College Board, the SAT Reasoning Test assesses how well students analyze and solve problems-skills learned in school that are needed in college.

According to ACT, the ACT Test assesses high school students' general educational development and their ability to complete college-level work.

How to decide? One good approach is to practice for each test. (You can do this inexpensively using test prep books and free online practices tests.) If your scores are markedly different, focus on the test with the better results.

a combined or composite score?

Both the SAT and the ACT tests are really a collection of sub-tests in areas such as reading comprehension and math. Each sub-test you take is scored separately. On the SAT, test scores are added to create the combined score. On the ACT, sub-test scores are averaged to create the composite score.

It's not how much you have. It's what you do with it that counts.

• Use credit wisely. Don't use credit to purchase what you can't afford otherwise.
• Buy textbooks on the cheap. Use the Internet to shop for the best price.
• Have fun on campus. Movies, lectures, performances, sports all can be had for nothing or at highly discounted prices right on campus.
• Learn the art of the cheap date. Cook at home or find cheap but delicious eateries. Go to parks and museums.
• More smart spending tips.

a debit card vs. a credit card?

The main difference is simple. With debit cards you pay now. With credit cards you pay later. Here's how it works. When you use a debit to pay for purchases the money is taken directly out of your bank account. If you use a credit card, you pay for the purchases later when you get your credit card statement.