Completely clueless about financial aid

happymomof1
Thu, 17 Apr 2008 09:15:20 +0000

In your letters from the financial aid offices, they should have indicated the Cost of Attendance (COA). Look at the factors that they included. For example, a lot of schools give low estimates for the cost of books, and often there is a standard “transportation” figure that could be a lot bigger for you depending on the school location and where you live. Add these adjustments into the COA so that you have your own personal COA.

Next, subtract the grant money from the COA, and see what is left. As NikkiiL says, this will leave you with the amount of money you/your family has to come up with. Where is that money coming from in your personal case? Did the schools offer loans, and if so what kinds? Did they offer a work-study job, and if so how many hours would you have to work to make that much money? Are there summer jobs and/or non-work-study jobs on or near campus? Is your family expected to take out PLUS loans, and/or are you expected to take out private and/or unsubsidized loans?

And, don’t forget, as NikkiiL advises, to find out if your grants are renewable for all four years. In addition, find out if you have to maintain a certain GPA in order to continue to receive them for those four years.

Good luck with your decision!