Financing Your Education
Financing Your Education


When you receive your financial aid
package you will want to carefully review the awards presented to you and
your family. It is important to understand the cost of attendance as
well as the amount of scholarships and grants you’ll be receiving. After
scholarships and grants there are additional options to pay the remainder
of your costs. It’s important to consider both direct costs ,such as tuition, room
and board, and indirect costs such as books and traveling to campus,
calculating costs for you and your family. First, for students who are
eligible to file a Free Application for Federal Student Aid your financial aid
award will likely include Federal Direct Loans. These loans are a smart and safe
way for you to invest in your education. If you wish to borrow these loans you
will need to complete required paperwork online such as, a master promissory note
and entrance counseling at studentloans.gov. Some families may wish to consider additional loans. Parents may apply to borrow a Parent PLUS loan
through the federal government. A parent may apply for a PLUS loan online at
studentloans.gov and must pass a credit check. Some families may choose to fund part of their college expenses through private loans. Before taking out a
private loan shop around and do your research. Lenders like banks and
corporations can offer different loan options at various interest rates. Taking
out a private loan is a big commitment so be sure to find one that works best
for you and your family. We always encourage students to carefully consider
how much loan debt they’re willing to take on. Smart borrowing choices are
important and should be discussed as a family before you decide where to enroll.
Take into consideration that many colleges offer payment plans that allow
to pay off your balance over a longer period of time. Typically payments
are made on a monthly basis instead of a lump sum at the beginning
the semester. Colleges may charge a setup fee so it is important to ask each
school how their payment plans work. Remember you can work over the summer and apply for outside scholarships through your high school or private
organizations to help reduce costs. Colleges will have various policies
about how outside scholarships impact your financial aid award. Be sure to ask
about each colleges outside scholarship policy. Always contact the Office of
Financial Aid with any questions or concerns about the available funding
options.

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