Many financial aid award letters leave mom and dad scratching their heads in confusion and unsure if what they’re seeing is a good or bad financial aid package. There are a few signs, however, that the financial aid offer will fall short of the family's need.

The student debt crisis isn’t restricted to the United States. Graduates in other Western countries also struggle with the cost of their college educations. While student loan systems differ substantially between nations, the situations in other countries provide useful contrast to the state of student debt in America.

The Lifetime Learning Tax Credit (LLTC) allows eligible taxpayers to claim an annual tax credit of up to $2,000 to help cover college and continuing education costs for themselves, a spouse or dependent children. The LLTC can be claimed once per taxpayer per year and for an unlimited number of years.

Parents may be vexed on how to figure out exactly how much their son or daughter is getting in a financial aid package, and with good reason. Financial aid award letters are extremely confusing, making it difficult to understand how much the college will really cost.