Congratulations on being accepted to college! Once you receive a financial aid award letter, you will now need to decide what aid to accept. See below for tips about examining your financial aid award before making a decision:
Look for scholarships and grants. This type of aid does not need to be repaid. You can continue to explore private scholarships for additional funds.
Check for work-study. Some schools may award you funds for federal work-study, which you can use towards your living expenses while in college.
Find any loans awarded. Remember that all loans must be repaid. When reviewing your loans, it is important to understand that some loans have benefits that others do not. Check to see if you were awarded federal subsidized or unsubsidized loans. Subsidized loans have some of the most favorable terms. Private and institutional loans typically do not have the same benefits as federal student loans.
Determine if you need additional funds. Can your family afford the EFC? If not, you can contact your school’s financial aid office to discuss alternative aid.
Make a selection. After careful review, you will select the financial aid award that best fits your needs. Remember that you do NOT need to accept the full award.