College Planning Tip for a Sunday

FOR THE WEEK OF MAY 15

Review Your Financial Award Package

You should receive your “Financial Award Package” with information on your qualifying financial aid from each school that you have been admitted.

The “Financial Award Package” will show the cost of attendance and the amount of each financial aid award that will be granted. The difference between the cost and the amount awarded is the portion that the family is expected to pay.

Financial Awards Include:

• grants,
• scholarships,
• federally student loans,
• work study programs,
• other college assisted aid

Financial Aid Review

View these summary charts of financial aid options: (link to our financial aid center)

• summary aid chart for first-time students (undergrad’s)
• summary aid chart for parents

Understand the financial aid process for student loans, grants, scholarships and other student aid:

Note 1: understand the financial aid process
Note 2: submitting the FAFSA form for federal aid
Note 3: review the student aid report
Note 4: get the financial award letter
Note 5: view financial aid options
Note 6: apply for and manage student funds

Note the Ways to Pay for College:

1. Scholarships and Grant Aid Programs:
   over $24.3 billion
   worth of scholarships and grants in one location
2. Federal Student and Parent Loans:
   federal student and parent PLUS loans are available — view details and options
   view summary note: federal student loans
   view summary note: federal PLUS loans
   
3. Private Student Loans:
   need a little extra to cover the full cost? — compare plans
   view summary note: private student loans
   
4. Home Equity (Bank Equity Program):
   use the equity in your home to finance all or part of your education without restrictions
   view summary note: home equity loans

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