This is the time of year when many students are finding out the details of their financial aid packages, or the amount of money the college and the government will either give you or loan you to help you pay for your education.
Since every college provides this information in a different form, it can be hard to decide what school is offering you the best deal. Keep these tips and terms in mind when you are evaluating Financial Aid:
Grants or scholarships do not have to be paid back. There may be a requirement to keep your grades up, but as long as you do that, the money is yours to use for college.
Work study is money given to you for a job you’ll take to work while you’re going to college. This job is usually on campus, and could include tasks like working at the library, in the cafeteria, or assisting a department secretary. Most of the time, all of the money you make from this kind of job goes right to the college — sometimes you’ll get a little money for yourself.
Loans for college come in all kinds of packages, but they all mean the same thing—this is money you get to use for school that you have to pay back some day. Many of these loans let you finish college before you have to start paying them back, and some have lower interest rates, but it’s still a loan.
Organize Your Information
Since the financial aid letters you’ll get will tell you the same information in different ways, it might be helpful to put the information in a spread sheet on a computer, or make a chart on a piece of paper. Create a line for each college, then leave room to list the amounts of grants, work study, and loans—that will get you very close to comparing schools for the best deal.
Call the Financial Aid Office
If you’re still not sure what all of the offers mean, call the financial aid office and ask them. These individuals are very caring, smart people who want you to have all the information you need to make the best possible decision you can.
If you don’t know what to say, just start by saying “I received my financial aid letter, and if I read this right, you’re going to give me…” and then just read the amounts on the letter to them. If they tell you that’s correct, it’s time to ask them your question—and you may find that they’ll have even more money to offer you, just for calling.
It’s especially important to call if you’ve lost your job, or if your financial situation has changed since you applied to financial aid. The colleges may ask for some kind of verification, but if you don’t tell them at all, they won’t be able to help you at all—so be sure to let them know.
Some students wonder if they can simply ask a college for more money. You can, but it’s good to have a reason why you need more money. The one thing you don’t want to do is to try and get a “good deal” by getting two colleges to give you more money.
Most colleges won’t help you if you simply call and say “another college offered me more money”—if they do, they think you’ll call the other college back and ask them for more money, too. Be honest and clear when you ask for help, and you’ll get the answers you need to make a strong college choice.
