Financial Aid 101

Financial aid season is upon us!  It's time to sit down with your families and make the necessary and thoughtful decisions about how you will pay for college.  Please remember--all of us in the admissions office are here to help.  You should receive a call from your personal admissions counselor within 2 weeks of when you receive your award letter, but please reach out to us ASAP to clear up any questions or concerns that you may have!

Here are some of the basics:

·         The award letter lists multiple different "costs" that you will incur while in college. However, you will only be billed directly for the "tuition and fees" and "housing and meals."  The other costs are only estimates of what you will spend.

·         Grants and scholarships are essentially free money.  These are the best awards that you can receive because you will never have to pay them back.

·         Work study allows you to earn up to $1000 working approximately 10 hours per week at an on-campus job.  Although you do have to find a job once you arrive on campus (don't worry, there are plenty of opportunities!), this money is earmarked for you and can help with any expenses while at school, such as books, laundry, or going out to eat with your friends.

·         A federal loan is money that must eventually be repaid.  Federal loans, however, are some of the best loans to have.  Interest rates are low and fixed and you will not have to begin paying your loans back until 6 months after you graduate.  There is a small difference between subsidized and unsubsidized loans:

                                Subsidized loans do not accrue interest over the four years that you are

enrolled full-time in school.  The interest rate on these loans is fixed at 3.4%.

Unsubsidized loans do accrue interest while you are enrolled in school.  The

interest rate on these loans is fixed at 6.8%.

·         If you receive an ESTIMATED award letter, this means that the federal government has flagged your file as needing verification of some sort.  Don't worry--the government flags approximately 30% of all FAFSAs for verification.  Be sure to submit the required paperwork as soon as possible so that you may receive a FINAL award letter.

Please be sure to read over the information on our Financial Aid website where you can find additional information.  Once again, PLEASE contact your personal admissions counselor with all of your questions and concerns!  We are here to help!