Understanding Financial Aid Award Letters: Compare Costs


(NAPSI)-When comparing college costs, one of a student's first steps should be filling out the FAFSA (Free Application for Federal Student Aid). Then, students begin receiving back financial aid award letters from the colleges they've applied to. These letters outline the estimated cost to attend the school, expected family contribution and financial aid award package, which includes grants, scholarships, work-study, need-based and non-need-based loans.

Your financial aid letter may look different this year. Colleges have the option of using the U.S. Department of Education's new Financial Aid Shopping Sheet for the 2013?2014 award year. Many of the elements contained in this new form are the same as a school's own financial aid award letter, though the standardized format should make it easier to review elements such as grant and scholarship amounts, net costs, graduation rates, loan default rates, median borrowing and estimated monthly loan payments after graduation.

After you receive either form, here are some next steps:

Determine additional expenses: Consider all funding options including grants, scholarships, institutional awards, Federal Work Study, Federal Perkins Loans and/or Federal Direct Stafford Loans. Be realistic about your budgeting needs. Borrow only what you need.

Explore additional financing options:

Tuition payment plan- Instead of paying your tuition bill in one lump sum each semester, if offered by your school, you can enroll in this plan to make smaller, manageable installment payments. This plan can be used on its own or combined with financial aid, including student loans.

Federal Direct PLUS loan for parents-This loan is available for parents of dependent undergraduate students. This loan can cover up to 100 percent of remaining eligible education-related expenses. A credit check is required, but the parent's debt and current income are not considered.

Federal Direct PLUS loan for graduate and professional students-This loan is available to graduate and professional students and can cover up to 100 percent of remaining education-related expenses. A credit check is required, but the student debt and current income are not considered.

Private (or alternative) student loans-These loans are made available to students through banks and other private lenders. These loans can typically cover 100 percent of the remaining costs of eligible education-related expenses. Full credit underwriting is required as well as a debt and current income. Most students will need a qualified co-signer to meet credit eligibility requirements.

Know your deadlines and compare your options: Pay special attention to the college application deadlines to make sure that you take full advantage of these opportunities.

For additional financial aid resources, visit www.wellsfargo community.com or www.wellsfargo. com/student/.

Students can find many sources of college funding.

More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

More College/
University Information:

Related Articles

Balancing College Life and Academics
1. Control Your Schedule; Don't Let Your Schedule Control YouOrganization and time management skills are two of the most valuable skills you will ever have.
Consolidate Student Loans and Shop Online
If you run a home business, you know that budgets can be pretty tight. Saving money wherever possible can be the difference between the business that succeeds and the one that fails.
On-line Universities and Degrees - Find the Right One for You
The first step to finding the right online university is to decide what degree you want. Do you want an undergraduate or graduate degree? Are you interested in a certificate program for work related study? If you are returning to school for work, you may want to get feedback from your employer for this decision.
Accredited Life Experience Degrees - Accelerate Your Progress Online
Chances are you are pursuing an online degree to reap benefits in the workplace. For this reason, you may be interested in accelerating your progress to get your degree faster.
Oustanding Business Professors at WVU, Part 1
Paula Bone is a marketing professor who teaches "Consumer Behavior" and "Marketing Strategy" at West Virginia University's College of Business and Economics. Classes filled with lots of theory can be intimidating for students who are used to answers being "black" and "white," but Dr.
Researching the Pros and Cons of Getting Your Degree Online
Are you considering getting your bachelor's or master's or other degree online? It's a growing field that's receiving acceptance and approval for all types of career and education goals.The biggest advantage to online degree education is that it's a complete college degree program that is delivered via the Internet.
Distance Learning Degree Program - How to Study
The format of distance learning courses is different than what most students have experienced. The teaching style is more student directed and you will have to become accustomed to these differences.
An Education in Saving on Textbooks
Every year students flock to the college bookstore to purchase the various textbooks that they require for their classes. Little do these students realize that, in doing so, they are throwing good money away.
Why Study the Flows of Civilization?
The reason to study the flows of civilization is out of the growing concern of the direction the United States is heading. Without a doubt the US of A is by far the greatest and most free country in the World.
Do Best Friends Make the Best College Roommates?
Do best friends make the best college roommates? Not always! It's amazing how the quirky things you used to like about your best friend can begin to drive you crazy when you're around it 24/7. Just because you've been friends since grade school doesn't mean you should live together.
An Online Degree Has Never Been Easier to Obtain
Online education is steadily gaining acceptance in the academic world and more people than ever are completing courses online, working toward a degree. Online education at the higher level is no longer looked down on by the rest of the academic world and more colleges and universities are offering online programs every day.
How to Survive with As
Attend ClassGo to class, every class, every time. It is very common and very easy not to attend class.
How to Give Yourself a Raise with an Online College Degree
There are many people today from all walks of life who are getting an online college degree from home. Dollar for dollar, an online college degree or post graduate work pays off.
Acupuncture and Oriental Medicine
There are over 50 Acupuncture Schools in the United States. Acupuncture laws differ from state to state, therefore, each acupuncture school entails its own philosophy and instruction outline.
Pre-Bachelor
The program should be one term, two terms or three terms (1 year). This program is meant for students who lack the necessary language skills to start the first-year bachelor program, the course enables them to improve their skills in reading, writing, listening and speaking.
Internetworking and Security Multiple Choice Test
Personally, I dislike Multiple Choice Tests. Because they do not test the student's ability to develop and organise ideas and present these in a coherent argument.
The Challenges College Students Face on Secular Campuses
What is happening on the campuses of secular universities across America? Thousands of Christian students are losing their faith and non-Christian students are becoming entrenched in their unbelief. Why is this happening? Have they discovered that God, in fact, does not really exist, that we live in a careening universe with no divine Pilot at the wheel? Or does something else explain this trend?The Intellectual Challenge Christian students on a secular campus face a great intellectual challenge.
Why Pursue Your Degree Online?
Distance education has been around longer than people may realise. A system which teaches students without requiring that they actually be present, distance learning was pioneered in 1946, by the University of South Africa, which continues to offer distance education courses today.
Online College Programs - How to Apply
The first step to getting your online degree is to apply to colleges. Research several colleges offering the degree program you need.
The Freshman 15, or 20, or 25
Now I remember being a freshman in college, and let me tell you, there are a couple of key things to keep in mind (that most people don't). One is how to manage your time, another is how to manage your money , and last but certainly not least is how to manage your health (what most don't realize is that all three are closely related).