Tag Archives: FAFSA

Understanding Your Financial Aid Award Letter

28 Mar

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Did receiving your financial aid award letter raise more questions than answers? Take some time to check out the slideshow above for a little bit more information. Keep in mind that you can pause it to read more thoroughly, or view it in PDF format with clickable links by clicking here.

If you have any questions about your financial aid, remember that you can contact the Division of Financial Aid a few different ways: stopping by in-person, giving us a phone call, or sending us an email.

Typically the quickest way to get answers to questions or solve problems is to stop by our office in-person. We always accept walk-ins as long as we are open Monday – Friday, 8 a.m. to 5 p.m.! Our office is in room 305 in Schleman Hall.

If stopping in-person isn’t an option, phoning in is usually a good choice too! Just call (765) 494-5050 during our open hours (Monday-Friday, 8-5) and we will be glad to help you out whether it’s just a quick question or fully advising you on your aid!

If you can’t stop or call in during our open hours, you can always send us an email to facontact@purdue.edu. While you won’t get the immediate assistance you might otherwise by visiting or calling, this works best if your schedule doesn’t match up with our open hours.

Video

The Real Truth About Financial Aid-Adam Ruins College

21 Feb


Reminder, Purdue’s priority deadline to file the FAFSA is March 1st! To receive maximum consideration for financial aid, you need to file before the deadline. Not sure where to start? Check out our Financial Aid February blogs for information on everything financial aid from start to finish.

Financial Aid February: Applying for More Aid

7 Feb

The FAFSA registers you to be considered for aid from Purdue and the federal/state government. To be considered for additional Purdue/private scholarships or private loans, you need to take a few extra steps, such as completing a separate application. Additional information about eligibility and steps to apply for each type of resource are listed below:

finaical aid february 2 - applying for more aid.jpg

Purdue Departmental Scholarships

Incoming freshmen need to have a complete admissions application submitted by November 1 to be considered for Purdue’s merit scholarships.

In addition to having a complete admissions application by November 1, new students enrolling in one of the following colleges or schools should also complete the Purdue Supplemental Scholarship Application by January 1, 2017.

  • Agriculture
  • Health & Human Sciences
  • Krannert School of Management
  • Polytechnic Institute

The deadline for incoming freshmen to complete the Purdue Supplemental Scholarship Application is January 1st of the year they intend to enroll. The deadline for the 2017-18 school year closed on January 1st, 2017.

Scholarships awarded through the supplemental scholarship application are based on merit, need, or a combination of the two. If you wish to be considered for those scholarships with a need component you will need to file your Free Application for Federal Student Aid (FAFSA) by the January 1 deadline as well.

Current Students: There are different deadlines for different programs:

  • Agriculture — February 1
  • Chemical Engineering — April 1
  • Health and Human Sciences — January 1
  • Liberal Arts — February 15
  • Management — March 2
  • Polytechnic Institute* — March 1

*Polytechnic Institute Statewide students should complete the Supplement Scholarship Application and select Purdue Polytechnic as their school. Polytechnic Institute Statewide students may complete the application through August. 

What You’ll Do:

Go to the Purdue Supplemental Scholarship Application and follow the directions.

Other Purdue Departmental Scholarships

Some schools and departments use applications other than the Purdue Supplemental Scholarship Application. Find your department below to see if you qualify, and also check to see if you qualify for any other scholarships offered at Purdue.

Click here or on the chart below for access to clickable links!1page-0

Private Scholarships

There are many private scholarships available — especially for incoming freshmen — and you should definitely be applying for these as early as possible. Scholarship opportunities can be found in your local community and nationwide and will have different application processes. However, it is important to be wary of scholarship scams. You should not pay a fee to an organization to find scholarship opportunities for you or to complete an application for a scholarship that is offered.

We recommend talking to a guidance counselor or checking out free resources like FastWeb or scholarships.com to learn about opportunities you may be eligible for.

The Bursar’s Office provides details about mailing checks from donors, how they are applied to your bill, and other processing information for private scholarships that you receive.

Remember to thank the sponsor of your scholarship. Learn more here.

Parent PLUS Loans

A Federal Parent PLUS Loan can be taken out by a parent in the parent’s name to help their dependent undergraduate student help pay for college. This loan has the same interest rate for everyone regardless of credit. For more details and information read about Parent PLUS Loans here.

Private Loans

A large number of private education loan options are available to assist you and your family in meeting college costs. Loan applications are completed with your lender of choice and require good credit or a co-signer with good credit. We recommend applying at least 30 days prior to the date you need the funds and complying quickly to information requests from your lender. Read more about student loans.

Financial Aid February: Applying for Aid

1 Feb

To apply for federal, state and Purdue University student aid programs, you will file the FAFSA — this is something you’ll need to do annually to be considered for aid each year you’re in school. Purdue’s priority deadline is March 1.

financial-aid-february-applying-for-aid

If you are an admitted student to Purdue and submit your FAFSA by this deadline, you can expect to hear back about your award offering sometime in late March or early April.

Before completing your FAFSA, you’ll need to create a Federal Student Aid (FSA) ID. If parents are helping in the aid process, make sure one of them registers for an FSA ID too.

What You’ll Need:

  • A computer with Internet access
  • Your Federal Student Aid ID  (FSA ID)
  • Your Social Security number
  • Income information from the prior year (2015 income information for the 2017-18 school year, 2016 for the for 2018-19) for both student and parents (unless you qualify as an independent student)
  • A current, valid email address to be contacted with important information about your financial aid

You can also print a “FAFSA on the Web” worksheet at www.fafsa.gov to complete ahead of time and help prepare your answers before entering them online.

What You’ll Do:

  • Go to www.fafsa.gov and click “Start A New FAFSA,” then login using your name, Social Security number and birthday.
  • Select “Start New FAFSA” and then input the requested information. Remember that while you use income information from the past, your other information is meant to be a snapshot of the moment that you file the FAFSA.
  • Be sure to enter Federal School Code 001825 to allow your information to be sent to Purdue University West Lafayette.

Tips:

You can submit the FAFSA late, but there may be considerably fewer funds available to you for doing so.

If you start attending in the spring or summer, you should complete the FAFSA for the prior year. Example, if you start summer 2016, you should complete the 2015-16 FAFSA. 

You can apply for financial aid prior to applying for admission to Purdue. However, you must be admitted to a degree-seeking program (or a teacher’s certification program) before eligibility will be calculated and to receive financial aid.

You may be eligible, and if so we highly encourage you to use the IRS Data Retrieval Tool within the FAFSA to update the information after taxes have been filed. Information will be transferred from the IRS directly into the FAFSA with this option. Check out a short tutorial for help with this process.

We recommend printing the “FAFSA on the Web” submission confirmation page as proof of completion to keep in your records.

One of the most commonly requested documents is a tax transcript. Get your tax return transcript from the IRS.

If you have any FAFSA filing questions, you can contact FAFSA customer service agents at 800-433-3243, get online help or you can check out Federal Student Aid’s YouTube Channel for short, informational videos on the process.

How to Fill Out the FAFSA When You Have More Than One Child in College

18 Jan

Got 2 or more kids attending college

Having one child who is heading to college can be stressful, but having to help multiple children at the same time can feel like too much to manage. While I can’t save you from a forgotten application deadline or the “how to do your own laundry” lessons, hopefully, I can help make the financial aid part of the process run more smoothly with these tips:

How many FSA IDs will my children and I need? How many FAFSAs do we have to complete?

An FSA ID is a username and password combination that serves as your legal electronic signature throughout the financial aid process—from the first time your children fill out the Free Application for Federal Student Aid ( FAFSA®) until the time their loans are paid off. You AND each of your children will need your own FSA ID. Parents and students can create their FSA IDs here.

Each of your children will need to fill out a FAFSA. Your children will also need to provide your (parent) information on their 2017–18 FAFSA unless they are going to graduate school, were born before January 1, 1994, or can answer “yes” to any of these questions.

Example: You have three children who are going to or who are in college. You’ll need four FSA IDs—one for you as the parent (only one parent needs an FSA ID) and one for each child. You’ll need to fill out three FAFSAs, one for each child.

Can I transfer my information from one child’s FAFSA to another so I don’t have to re-enter it?

Yes! Once your first child’s FAFSA is complete, you’ll get to a confirmation page. On the confirmation page, you’ll see a hyperlink that says, “transfer your parents’ information into a new FAFSA.” Make sure you have your pop-up blocker turned off and click that link.

TIP: If you want the process to go as smoothly as possible, your second child should have his/her FSA ID handy so you’re ready for the next step.

FAFSA 2017-18 confirmation-transfer sibling info

You’ll then see the alert below confirming that you want to transfer your information to another FAFSA.

FAFSA 2017-18 confirmation-transfer sibling info pop-up

Once you click “OK,” a new window will open allowing your other child to start his or her FAFSA. We recommend that your child starts the FAFSA by entering his or her FSA ID (not your FSA ID) using the option on the left in the image below. However, if you are starting your child’s FAFSA, choose the option on the right and enter your child’s information.


IMPORTANT:  Regardless of who starts the application from this screen, the FAFSA remains the student’s application; so when the FAFSA says “you” it means the student. If the FAFSA is asking for parent information, it will specify that. When in doubt, refer to the left side of the screen. It will indicate whether you’re on a student page (blue) or a parent page (purple).


2017-18 FAFSA Login Page Student or Parent

After you select the FAFSA you’d like to complete and create a save key, you’ll be brought to the introduction page, which will indicate that parental data was copied into your second child’s FAFSA.

FAFSA 2017-18 confirmation transfer sibling info success

Once you reach the parent information page, you will see your information pre-populated. Verify this info, proceed to sign and submit the FAFSA, and you’re done!

NOTE: If you have a third (or fourth, fifth, etc.) child who needs to fill out the FAFSA and provide your information, repeat this process until you’ve finished all your children’s FAFSAs.

I have education savings accounts (529 plan, etc.) for my children. How do I report those on the FAFSA?

You report the value of all education savings accounts owned by you, your child, or any other dependent children in your household as a parent investment. (Read “What is the net worth of your parents’ investments?” for more information.) If you have education savings accounts for multiple children, you must report the combined current value of those accounts, even if some of those children are not in college yet or are not completing a FAFSA.

Example: Child 1 and 2 are filling out the FAFSA. Child 3 is in 8th grade. They each have 529 college savings plan accounts in their names.

  • Child 1 account balance: $20,000
  • Child 2 account balance: $13,000
  • Child 3 account balance: $8,000

You would add $41,000 to any other parent investments you’re required to report and input it when asked, “What is the net worth of your parents’ investments?” on each of your children’s FAFSAs.

How does having more than one child in college impact the amount of financial aid my children qualify for?

Having multiple children enrolled in college at the same time could have an impact on your children’s eligibility for need-based federal financial aid.


TIP: We often hear about families who choose not to fill out the FAFSA again because they believe that they won’t qualify for grants or scholarships, especially if they did not qualify the previous year. This is a huge mistake, especially if you will have additional children entering college. Read on to learn why.


Schools use the following formula to determine a student’s eligibility for need-based financial aid:

Cost of attendance (COA) – Expected Family Contribution (EFC) = financial need

Let’s break down this formula:

Cost of attendance: This will vary by school, so if you have two children attending different schools with different costs, their financial need may be different, even if their EFC is the same.

Expected Family Contribution: The information you provide on the FAFSA is used to calculate your child’s Expected Family Contribution (EFC). The EFC is a combination of how much a parent and student are expected to contribute towards the student’s cost to attend college. The EFC is not necessarily the amount of money your family will have to pay for college, nor is it the amount of federal student aid you will receive. It is a number used by your child’s school to calculate how much financial aid he or she is eligible to receive. Since we recognize that a parent’s annual ability to pay doesn’t change as you have more children enroll in college, we divide the expected parent contribution portion by the number of children you expect to have in college.

Example: Let’s assume that all of your dependent children have identical financial information and that the calculated EFC assuming one child in college would be $10,000. Here’s how each child’s EFC would change depending on the number of family members attending college full-time.

Number of dependent children in college full-time Each child’s EFC
1 $10,000
2 $5,000
3 $3,333
4 $2,500

Financial need: Please note that schools differ (sometimes greatly) in their ability to meet each student’s financial need. To compare average school costs schools based on family income, visit the CollegeScorecard.ed.gov.


Nicole Callahan is a Digital Engagement Strategist at the U.S. Department of Education’s office of Federal Student Aid.

Photo by Getty Images

What to do over Winter Break?

27 Dec

Hannah Stewart, Purdue University Student and Peer Counselor
www.purdue.edu/mymoney

Santa GIF

Oh thank heaven finals are over! Let the holidays begin! The presents, the food, family, it’s a great time of celebration and enjoyment, for a while at least. I know it’s hard to believe, but there is a lot of downtime over the holidays and some of us, dare I even say it, get bored. Even if you don’t bore easily, there are plenty of actions you can take that just might make your break a little better.

The spring semester is coming. I know the fall semester just ended and no one wants to think about school over a holiday break, but you can at least prepare.

Grandmother giving stock of money for college savingsLook for books in advance; it can often be cheaper since you can order from Amazon, rent online, etc. Write out your Christmas list, you could always ask for books as a Christmas gift! Money usually is given as a gift too and it might be beneficial to save for rent or other college related expenses.  During the downtime of the holidays, it’s a good time to set and make a budget. It’s also a good time to make next semester’s schedule.

Check your grades early. I know you don’t want to think about it, because the past is past, right? However, there are timelines to contest grades. If you have any questionable grades this is the time when you should be reconciling with your professor. Double check to make sure all you grades have been entered correctly and send emails early and often if needed. Also, double check you’re making Satisfactory Academic Progress (SAP), it is one element to keeping your federal financial aid eligibility. You can always check your SAP status on your myPurdue or contact the Division of Financial Aid as well. Just log in, and under the “financial” tab, click on academic progress on the left, and choose the current academic year. The last tab, Academic Progress, shows your current SAP status.

I cannot stress this enough: the FAFSA (Free Application for Federal Student Aid) openend up October 1st and must be filed every year that you’re in school in order to receive financial aid. TheFAFSA home screen on-time filer deadline for Purdue University is March 1st every year, DON’T MISS OUT! It’s not just grants and scholarships that depend on the FAFSA; if you have Stafford loans they also require filed a FAFSA. Recent FAFSA changes have you using the taxes from 2 years before you file, so if you’re filing for the 2017-18 school year you’ll use 2015 tax information. It also tends to be easier to file the FAFSA when both parents and students can work together, and the holidays usually provide a perfect opportunity. Although filing FAFSA is not as fun as opening presents on Christmas morning, it’s fast and super important, so make sure to pencil in sometime for it.

Another really important thing about this time of year is that it’s when scholarship applications open up for the next academic year. That’s right, free money is up for grabs, so go apply! Academic advisors typically email students letting them know, but you can also check out this list of Purdue departmental scholarship information.  The Division of Financial Aid also has a General Purdue Scholarship Application that is available now and is due (along with a completed FAFSA) by January 1st. Private scholarship applications typically start opening up this time of year too. Two resources for private scholarships are FinAid and FastWeb. So research and apply for scholarships. After all, who doesn’t like free money?

So yes the holidays are here, relax and enjoy yourself! Go have fun and refresh! Just keep these things in mind as they can help for a less stressful spring semester.

Create Your FSA ID Today!

24 Oct

fsa id.JPG

October is the first month you can begin the FAFSA for the 2017-2018 school year! An important part of the FAFSA is creating your FSA ID.

This video by Federal Student Aid walks you through the creation of your FSA ID, which you will use annually to file for federal student aid.

https://videopress.com/embed/RMxM3v1R?hd=0&autoPlay=0&permalink=0&loop=0

Now that you know how to create your FSA ID, click here to get started!

Cost of Attendance: Explained

21 Sep

Whether you know it or not, there is a limit to how much financial aid you can receive in a year. This is reflected in your Cost of Attendance (COA), which is sometimes referred to as your “budget” when speaking to a financial aid counselor. It includes 1. Tuition & Fees; 2. Housing & food; 3. Travel; 4. Books/ Supplies; and 5. Miscellaneous (think laundry or other random expenses). Your COA is NOT what you are being billed, rather it is an estimate of the total cost of attending school for one year.

  1. Tuition is the biggest variable between students when it comes to COA. The three different standard levels of tuition are based off of your residency as shown on the chart. This will also include your differential fees as well.tuitionfees-image.jpg
  • Differential Fees are added tuition costs for certain colleges or with specific majors (Engineering, Krannert, Polytechnic, and Computer Science).
  • Then, there are fees for classes like horseback riding, wine tasting, etc. While these are added to your bill like Differential Fees, they are not automatically added to your COA! The exception is the course fees for Aviation Tech majors.
  • These Differential and Course Fees are the same for every student regardless of residency.
  1. After Tuition & Fees, everything else other than Travel is the same for each student’s COA, regardless of their residency.housingfood-image
  • Outside of tuition, your biggest expense is almost always going to be your housing and food.
  • If you live on-campus or have a meal plan, this will be included in your bill from Purdue.
  • However, if you live off-campus it will not be on your bill but will still be included in your COA.

Your COA says that on average you should be spending $10,030 combined for your housing and food costs. Depending on your situation this might be much higher than you actually need or it might not be enough.

  • If you find that your housing and food costs will be significantly lower, consider borrowing less if you are taking out student loans.
  • If it is much higher and you need financial aid to help, contact the Financial Aid office.travel-image
  1. The travel portion of the budget is one that will end up extremely different from one student to the next. This is generally meant to be enough for a student to visit home twice throughout the year, but as you can bet the $370 is woefully inadequate for an International Student unless you’re driving to the closest areas in Canada from West Lafayette.bookssupplies-image
  1. Books and Supplies attempts to estimate the costs for your textbooks and other supplies needed for the year (pens, folders, notebooks, etc.). You may also consider using this money in order to buy a computer for yourself in order to do your classwork. If this is the case and your current aid will not be enough to cover it you may consider contacting the Financial Aid office to help increase your budget.miscellaneous-image
  2. The Miscellaneous category are all of the other incurred student costs that don’t fit neatly into the other categories. Costs like toiletries, laundry, clothes, and other personal expenses are included in this diverse category. Although they are smaller purchases, if they are unaccounted for, they can chip away at anyone’s budget.

If you feel like your Cost of Attendance is not representative of your costs of being a student at Purdue for a year and gives you too little room for aid, please contact our Financial Aid office. Conversely, if you find it is higher than you need and you are borrowing to help finance your education, seriously consider taking less in loans! Every dollar you don’t borrow is one you don’t have to pay back – with interest. You are also able to have allowances for child care or other dependent care and costs related to a disability, which is also added into your COA, but you must contact the Financial Aid office for assistance.

Keep in mind that if you increase your Cost of Attendance, that only increases how much aid you are eligible to receive! If you already have less aid than your COA, you probably won’t be getting more just by increasing it.

Financial Aid Contact Information:cost of attendance explanation.jpg
Walk-in appointments in Schleman Hall room 305
Call-in at 765-494-5050
Both available from 8:00 a.m. – 5:00 p.m. EST Monday through Friday.

FAFSA: Who, What, When, How & Why?

26 Jan

fafsa
Getting you through FAFSA, one question at a time.FAFSAQs

 

  • Who

    • Who Should File a FAFSA?
      If you are interested in getting any Federal Financial Aid, including federal direct loans, you need to file the FAFSA at www.fafsa.gov/  to become eligible. Federal loans are almost always preferable to private loans.  In addition, many colleges’ need-based scholarships rely on FAFSA information to verify that you are eligible. In short, everyone should file the FAFSA – even if you don’t think you’ll qualify for any federal aid

     

    • Whose Information is Needed to File a FAFSA?
      This answer depends on if you are a dependent student or not. Unsure if you’re Dependent or Independent? Check here.(Note: this is not the same as being independent for tax filing)Dependent students: You need tax information for both you AND your parents. If your parents are divorced, you need the information on whoever you receive the most support (51%) from.

      Independent students: You only need your own information unless you are married. If so, you will need your spouse’s information as well.

  • What

     

     

    • What If Things Change After I File The FAFSA?
      If your family situation has a significant change after you’ve filed your FAFSA, and any time while you’re in school, stop by your Financial Aid office to see if you qualify for a “special circumstance”.  These could include job loss, divorce, death of a parent, child birth or other unexpected situations that impact your financial status.

     

    • What Types of Federal Financial Aid are there?
      There are three main types of financial aid:
      1. Grants — Federal Pell Grants do not have to be repaid and are sometimes referred to as “gift aid”.  Grants are similar to scholarships, except that they are often for those who demonstrate financial need, where scholarships can be either merit-based or need-based.2. Student Loans — This is the type you hear about most often.  Filling out the FAFSA is required to be eligible for Federal Direct loans.  Federal loans are almost always preferable to private loans from lending institutions, because they have fixed interest rates and flexible repayment options.3. Federal Work Study (FWS) — Work study may provide you with more opportunities to find on-campus jobs. Rather than being given the funds in the beginning of the semester like loans and grants, FWS earnings are distributed to you as part of your paycheck.
  • Where

     

    • Where Do I Get the School Code and FSA ID?
      You’ll need the school code for whatever schools you are interested in applying to. They are available here. Your FSA ID is used to login and electronically sign your FAFSA.  Set it up at here.

     

    • Where Do I Get Help?
      College Goal Sunday will be held on Sunday, February 21st at 2:00 p.m. in Indiana and it provides FREE FAFSA filing assistance. It is at Ivy Tech in West Lafayette, but to find a location near you in one of the participating 42 states, go to www.CollegeGoalSundayUsa.org.  You can always call the Financial Aid office of your prospective school to ask questions as well.
  • When

    • When Can I start the FAFSA?
      You can begin the FAFSA any time after January 1st of the year you plan to attend college.  The FAFSA uses the student/parent tax information from the previous year. You can estimate the required information to beat a college priority filing date, but the info must be corrected after the taxes are complete!

     

    • When is the FAFSA Due?
      If you are a Purdue student, the FAFSA priority filing date is March 1st, so be sure to have it done by then! Other colleges (and states) have their own priority dates. Check for deadlines here.
  • How

    • How Do I Get my Financial Aid?
      Your financial aid is sent directly to your school and they will apply it directly toward your billing and send any excess aid to you to be used for books and other education related expenses. The exception is Work Study which needs to be earned by working, and is paid via a paycheck.

     

    • How Much is the Maximum That Can be Borrowed?
      Most students don’t know this, but there is a maximum amount of Federal Loans you can take out each year. There is also a maximum amount you can take throughout your college career! If you take the maximum amount for four years, there won’t be as much left for a fifth year if needed. Plan ahead!

      Remember: Everything you borrow you will have to pay back with interest for the next 10 (or more) years. For every $5,000 you borrow at 6% interest, you pay back $6,661.23 over 10 years ($55.51/ month)

    • FAFSA-brw-chart

      Chart courtesy of Penn State University

      
      
  • Why

    • Why Should I Do a FAFSA?
      Other than qualifying for grants and Federal Loans? Many state grants and institutional scholarships require FAFSA information submitted. Even if you aren’t sure, it is always worth submitting!

High School Seniors Week 2: Understanding Financial Aid

13 Apr

Raysha Duncan, Financial Aid Administrator & Purdue Alumna
www.purdue.edu/mymoney

what is financial aid - open road

Financial Aid can be a tough concept to understand: financial = money, aid = help… So it’s free money that colleges give you to pay for your school, right? Well, kind of. Some forms of financial aid can be free money other forms of financial aid you will have to pay back.

The first step in getting financial aid is to file a FAFSA, and filing it on time. Filing your FAFSA on time is especially important so you are eligible for more types of financial aid, meaning state aid (if you’re a resident of the state where you attend college) and university aid. Once the universities you have been accepted to receive your FAFSA, they will be able to put together a financial aid award for you and calculate your estimated financial aid awards.

Financial aid consists of two main types of financial aid: gift aid and self-help aid.

Gift Aid

This refers to all scholarships and grants, or, to put it more simply, all the types of aid that you don’t have to pay back. Scholarships can be need or merit-based and students can get them from various sources. Typically, students receive scholarships either from their university or from a private donor. There are websites such as www.scholarships.com and www.fastweb.net to help students find all kinds of private scholarships. There are some pretty obscure scholarships out there, so if you look hard enough, you may even find one that fits your eccentric hobbies.

For information on grants and scholarships available to Purdue students, please visit our website.

Self-Help Aid

This type of aid consists of loans and Federal Work Study. Loans are the most common type of self-help aid; they’re also the only type of financial aid that really makes it on the news. Students are expected to pay back their student loans once they have graduated and depending on what type of loan you take, there may be interest accruing on it while you’re in school. Federal Student Loans consist of Perkins Loans and Stafford Loans. Parents may also have the option of taking out a Parent PLUS Loan to help cover any remaining costs that the student has; Parent PLUS loans are taken out in the parent’s name, so the parent is the one who is expected to pay them back. Students also have the option of taking out private student loans, which are loans they apply for through a third-party lender and are then sent to their college.

It’s important to remember that ALL LOANS HAVE TO BE PAID BACK, so always try to borrow as little as possible so you aren’t burdened with huge loan payments once you graduate college.

This may seem like a bit of a dry topic, but it is so important. Take some time and learn all you can so you’re well-informed on the financial aid you’re receiving and make sure you know what’s expected of you in order to keep the aid you get.  If this article did not answer all your burning questions make sure you do not assume an answer… give your college’s financial aid office a call.

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