You will be going to college. Now, tell me how you'll pay for it.
This is the moment of truth for students and their families who want to go to college. This is when they find out how much money a certain college will give them. Each school has its own set of awards, which may include grants, scholarships, work-study, or student loans. Students and their families should read all of the information in the award letters carefully and make sure they understand the terms and conditions. Just as important, try not to freak out if the money you get isn't enough to pay for college.
"The financial aid award package is by no means the end of the road," says Martha Holler, a spokesperson for Sallie Mae, the largest company in the United States that helps people pay for college. "Don't choose a school based only on how much it costs. Last year, about $143 billion in financial aid was given out, so it is possible for students to get money to go to their dream school."
Students and their families should not only read each award letter carefully, but also ask themselves the following:
• What are the rules for getting grants and scholarships if I want to go to school?
Are the awards for just one year or for all four?
• Is the GPA needed to keep the awards possible?
If working as a student is part of the financial aid package, what kinds of jobs are there and how much do they pay?
"Most important of all," says Holler, "is that students compare their award packages in the same way." "One letter may have a higher total amount, but it may be made up mostly of loans instead of grants and scholarships, which are free money."
Holler says that most colleges don't negotiate or match another school's financial aid package, but they should know if a family's financial situation has changed. In that case, families should get in touch with the financial office as soon as possible to have their situation reevaluated.
