These steps will help you guide through your financial aid package and college costs.
1) Look at how much of your financial aid package is made up grants and scholarships.
2) Look at the variety of loans they are offering you.
- a) Make sure you pay attention to the interest rates that the loans gives to you and to your parents.
- b) Pay attention to the date you have to start paying back the loan.
3) Pay attention to the amount of work study money they are offering you.
- a) This money goes directly to you to pay for your expenses.
- b) You can offer work more than stated and you keep that money too
4) Think about other costs that demand more money.
- a) Transportation (airfare, gas, bus pass)
- b) Food
- c) Other costs (cell phone, clothes, etc.)
5) Did you receive any external scholarships?
- a) If so, make sure your school doesn’t require a refund check as it may deduct that money from your package.
- b) If school does reduce your financial aid award, it takes away loans first–yeah!!!
6) Finally, compare your package and other costs thoroughly with each college.
- a) Which college requires the fewest loans?
- b) Which college provides the most additional resources?