By April, seniors will be receiving letters from their perspective colleges. The letters sent by the Financial Aid offices lay out the expected cost of school for 2012-13 and the aid package proposed by the University. That package will include grants and loans and work study. The key is NOT the final amount which you are expected to contribute.
The key is how that package is broken down. You need to understand the differences between subsidized and unsubsidized loans. Go here for that information. You also need to find out if you must maintain a specific GPA to keep your financial aid. You need to know if you must maintain full or part time status to keep your financial aid. You need to know if a specific grant or loan is renewable or if it is a one year only offer. All of these things are important.
This link provides you a generic financial aid letter that will help you to translate your financial aid package. Take a look and bring your letter to class or the counseling office. Make sure that I or Kelsey or a counselor go over that letter with you. Make sure that your parents understand its implications as well.
Make sure that you understand all of your financial responsibilities before signing on the dotted line…particularly when it comes to the loans.
