Deciphering Your Financial Aid Award

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Deciphering Your Financial Aid Award

  1. 1. Financial Aid Packages Grants? Work-study?! LOANS?! How to read award packages successfully
  2. 2. Grants Loans Work-Study ScholarshipsTypes of money offered
  3. 3. Grants ScholarshipsMoney that’s free
  4. 4. Loans: must pay back Work-study: work on campus for tuition + feesMoney that’s not free
  5. 5. Subsidized: No interest until you begin repaying Unsubsidized: Begins accruing interest immediatelyDifferent types of loans
  6. 6. Read the letter through carefully.Locate all necessary information, including the awards and the total cost of attendance.How to read your award letter
  7. 7. Total Cost of Attendance= tuition + fees for the entire yearHow to read your award letter
  8. 8. Is the Cost of Attendance listed on the letter?If not, you can find it online. www.collegeportraits.com www.careercruising.com www.bealonghorn.comHow to read your award letter
  9. 9. Add up all of the money that you don’t have to pay back (grants, scholarships, work-study)Subtract this amount from your Total Cost of Attendance.This is how much you will have to ultimately pay for one year at this institution.Do the Math!
  10. 10. Requirements of grants + scholarships: are they achievable?Loans are not always bad.Cost of living in the school’s city can vary greatly: New York City v. Austin, TexasThings to Consider WhenComparing Award Packages
  11. 11. Activity Time!

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