A College Financial Advisor Can Help Answer Any Money Related Questions Students Might Have

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.

A Student's Viewpoint on Student Loans and Financial Aid

As a senior in high school I had a very exciting road to go down in my near future: college. I had been offered several scholarships for both singing and the dramatic arts from several different institutions, but I had finally selected the one that was right for me. I was the first one in my close and extended family to attend college so no one in my family knew how all of the financial processes worked and I began to get a little concerned when I saw that my scholarships left a bit of a gap that I would have difficulty filling if I went to school full time. I saw my guidance counselor at school and she referred me to the financial aid department at the college itself. I spoke to a very helpful lady there and she explained that I would need to fill out a FASFA form and send it in. I sent it in and got it back with a full description of all the aid I was being given. It included my scholarships as well, and took into my account that my parents would not be able to contribute to my college funding. When I looked I was relieved to see that there was enough aid there to cover all of my college expenses including food, books, tuition and lodging.

As I read down the long list of items, I saw scholarships, grants and at the bottom, two small loans. I asked my financial aid rep about them and she informed that they were student loans. These loans had a low interest rate of 3.5% that would not start being added until after I graduated. I also would not have to start paying them back until sixth months after I graduated, to give me time to find a job. If I had trouble finding a job or were to become unemployed, I could opt to put my loans on hold or forbearance for a year or until I found a job. I was a little apprehensive, but I decided to bite the bullet and sign the necessary forms to get my financial aid finalized so I could register for my first semester. I had to fill out my FAFSA every year to re-apply and I had to take out new student loans every year. When I graduated I was able to consolidate all of the loans into one large loan with a low interest rate. My payments were fairly low and I could pay them on line, which made it really easy. I did have some times where I had to put the loans on consolidation, but that just involved filling out a little paperwork and sending it in. Overall, my financial aid experience was a good one, and I was grateful for the scholarships, grants and even the loans. The loans were drawn up in such as way that the interest rates were low and the payments were manageable.