With several offers on the table, trying to understand what financially works best for your situation is difficult, especially in your first year of treatment with the grants. To help you decipher your letters for the award of financial assistance, here is a step-by-step of this guide to search and what these numbers mean.
How has your financial aid the information you provide on the Free Application for Federal Student Aid (FAFSA) each year is used for the manufacture of assistance for students in your report, which is a lot of money for your family contribution is expected. The EFC is the amount you are obligated to the school for one year.
The EFC calculation takes into account the various factors affecting the income, assets, and if you have brothers or sisters in college. Your CEF schools determine your financial needs “- the difference between the cost of participation and your CEF.
Some schools institutional EFC calculation in addition to or instead of your Federal CEF, CEF so that your financial needs and may vary by school.
Your financial needs to determine the type and amount of assistance you in your aid. Grants Mai also the granting of scholarships, grants, scholarships, work, or student loans.
Analyze your bids
Since there is no standard award letter with some words for the award vary from one school to another, you carefully compare apples to apples, when the number and weight chewable your offer.
If a school is, the allocation of tens of thousands of loans in the colleges, which must be repaid, interest and another school is to give you a less than the award of scholarships, that everything is not always to be repaid, as was originally expected more money in May is not the best offer for you and your financial situation.
Digging In: Beyond the Bottom Line
Many schools undertake to cover 100 percent of a student calculates the financial cost.
But look at the kind of financial support that you were forgiven, and you will find May, that these schools, which part or all of your financial needs of students willing to reimburse you.
There are two types of aid, May, in a package of financial donations and self-help support.
Gift aid is money that is not repaid, a federal law such as Pell Grants or institutional scholarships.
Self-aid on a financial support which should be obtained, as the price of the study or repayment, such as federal student loans.
The “hidden” by the College
Your letter for the grant of non-financial expenditures in May, such as books, transportation, and day by day the cost of living. Make sure that your budget for the expenditures if they are not in your financial grant to a better idea of what the sum of the costs are in the college costs and how much coverage you need in May with student loans.
Priority on helping to maintain the debt options
To help you, your fault studies, the ranking of your financial support donation helps benefit primarily to the low-cost federal loans college next and last private student loans.
Private loans to students in May is capable of providing additional financial support you need if you maxed your scholarships, grants and financial assistance of the Federal Government but also the expenditure on education to pay.
Private credit student loans to loans, students can have up to 100% of the cost of education. These loans typically the College of variable interest rate and May did not have the same advantages of deferment and tolerance, you are with the College of the Federal ready.
Since Federal loans to students generally more attractive than the terms on loans for students, you always have the advantage of the options for financing available to First Federal.