Part of making a sound college decision is being aware of what your complete financial situation will look like should you choose to attend a particular institution. After all, one college may award you a major merit-based scholarship, while another school will charge you full price. Some schools may be able to present you with a variety of aid options, while others are not much help at all. The good news is that a financial aid advisor at your prospective college can provide you with answers if you know the right questions to ask.
A financial aid advisor will be one of your most important contacts at every college you are considering. After all, you are likely making a big financial investment when it comes to college, and it is only natural that you will seek support to manage your money responsibly and make good decisions. Scheduling a meeting with an officer to go over your aid package and have your questions answered is a necessary step.
First of all, you'll want to know the bottom line when it comes to costs. What is the cost of tuition and, of equal importance, the cost of room and board? You'll also want to know about any other additional fees added on here or there, because these can add up to a lot! You'll also be interested in learning projected tuition costs for the next few years that you'll be in school. After all, tuition costs can rise significantly from year to year.
You may also be interested to know what the average student's debt is upon graduation, as well as the average aid package given. It is important to know if a college's financial aid is competitive, or if there is limited aid available. Do most students receive aid for all four years of a Bachelor's degree? These are all good questions to ask the financial aid office.
Just because you are promised funding does not mean that you can't lose it. You'll want to make sure financial aid is guaranteed to you for the duration of your degree. If there are factors that could cause you to lose money down the road, you'll want to know about them in advance. For instance, poor grades could result in financial aid being revoked.
What other funding opportunities can your prospective college's financial aid office recommend in addition to the financial aid package they already provide? Your financial advisor is your go-to person for information about grants and scholarships you may be able to apply for. Many colleges have scholarships that are available to students, and they also have information about private scholarships.
If you must take out loans to bridge the gap between the financial aid you have received from your school and your personal resources, you will want to work through your aid office. Find out if they have a partnership with a recommended private lender.
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