You Received Financial Aid Packages… Now What? Tips to Compare and Review Your Options

With the fall semester quickly approaching, you may be concerned about how you are going to finance your college education.  By now you should have submitted your FAFSA and received a financial aid package offer.  As you review your offer, here’s some helpful information to consider:

1. First, keep in mind how much of your financial need is being met, and which type of aid you are receiving.

2.  Look at the total costs for each school. Include tuitions, fees, room & board, books, food, travel expenses, personal expenses, etc.

3.  Subtract all grants and scholarship packages.  You do not need to repay the money received through grants and scholarship.

4.  Loans do need to be repaid.  Student loans come in a variety of forms, each with their advantages and disadvantages.  There are two types of Stafford loans: subsidized and unsubsidized. 

                Subsidized loans don’t accrue interest until after you graduate from college, thus they are generally viewed as more attractive. 

                Unsubsidized loans accrue interest while you are still in school.  Both loans have a low interest rate and students can chose to take a combination of subsidized and unsubsidized loans.

5.  Multiply by four. You will be attending college for at least four years, so take into account the long term costs.  Even though you may have received multiple scholarships your freshman year, you may not receive them in future years.

If the financial aid package is not what you expected, keep in mind that there are a lot of scholarships available.  There are strict deadlines for scholarship submission dates, so check before you begin to apply.  Create a timeline of due dates so you can plan accordingly.  Colleges also offer scholarships for their students, so make sure also check with each college you are considering. 

Fastweb is a great resource that provides a database of scholarship opportunities and deadlines: www.fastweb.com

Here is a link to a financial aid calculator to help compare your aid packages for each school you are considering. https://bigfuture.collegeboard.org/pay-for-college/financial-aid-awards/compare-aid-calculator

For more information about how to compare financial aid packages, and how Klaar College Consulting can help lead you to college success, call us at 301-834-6888 and visit the many resources available on our website.