What Will It Cost Me?
Financial Aid Award Letter
Once you complete the FAFSA (and CSS Profile if required) and it is processed by your college, you will receive a financial aid award letter which outlines loans and scholarships/grants available to you to cover the cost of attendance.
Now let’s take a look at a sample financial aid award letter:
Once you complete the FAFSA (and CSS Profile if required) and it is processed by your college, you will receive a financial aid award letter which outlines loans and scholarships/grants available to you to cover the cost of attendance.
Now let’s take a look at a sample financial aid award letter:
Next Steps: Visit various college and career school websites to review various financial aid award packages and to learn about the types and amounts of awards that they offer.
Taking Out a Loan - Know Before You Owe
According to Federal Student Aid (https://studentaid.ed.gov), if you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. Remember, a loan is money you borrow and must pay back with interest.
If you decide to take out a loan, you have to make sure you understand who you are borrowing from and the terms and conditions of the loan. Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer student borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.
There are a number of tools that you can use to evaluate your financial aid award letter and to determine how much interest will be charged on your loans.
Comparing Financial Aid Award Letters
Consumer Financial Protection Bureau (CFPB)
College Cost Comparison Tool - Once you enter the the information on your financial aid award letter, this tool projects your total first year costs, debt upon graduation, and potential monthly payments.
(http://www.consumerfinance.gov/paying-for-college/compare-financial-aid-and-college-cost/)
US Department of Education
Repayment Estimator- Enter your federal loan amounts and interest rates to see interest accumulated and repayment options.
(https://studentloans.gov/myDirectLoan/mobile/repayment/repayment)
If you decide to take out a loan, you have to make sure you understand who you are borrowing from and the terms and conditions of the loan. Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer student borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.
There are a number of tools that you can use to evaluate your financial aid award letter and to determine how much interest will be charged on your loans.
Comparing Financial Aid Award Letters
Consumer Financial Protection Bureau (CFPB)
College Cost Comparison Tool - Once you enter the the information on your financial aid award letter, this tool projects your total first year costs, debt upon graduation, and potential monthly payments.
(http://www.consumerfinance.gov/paying-for-college/compare-financial-aid-and-college-cost/)
US Department of Education
Repayment Estimator- Enter your federal loan amounts and interest rates to see interest accumulated and repayment options.
(https://studentloans.gov/myDirectLoan/mobile/repayment/repayment)