Student loan debt – you hear about it everywhere. No matter how much you and your parents prepared and saved for college, the odds are good that you’ll need at least a few loans to get through school. In fact, about 70% of new graduates have outstanding loans to pay back.
If you’re thinking about college, then you’re probably also thinking about money – or, more to the point, costs.
Everybody could use more money for college, especially when it comes as a scholarship—the kind of aid you never need to repay.
Scholarships come in all shapes, sizes, and amounts. Groups ranging from charitable foundations to corporations to trade associations and more offer money for college.
Your child’s graduation from high school and transition toward college is one of the most exciting milestones of their life—for both of you.
At least until that first bill shows up.
Deciphering the financial aid award letter is one thing , but figuring out how much you’ll have to pay is another as the award doesn’t cover the full amount. What happens if your family doesn’t have the ability to pay the remaining amount?
Financial aid packages are an important source of funding, and for many families, a necessary one. Some students (especially first generation students) and families may be unfamiliar with how financial aid awards work, and that there are a few important “fine print” items to look out for in order to better understand how your award works.
Let’s get started.
If you’re like most high school students, the most pressing financial decision you’ve have to make is whether to fill up the gas tank or splurge on that new iPhone accessory. But then you applied to college, and once the excitement of acceptance letters wore off, you found yourself faced with one of the biggest financial decisions of your life:
“How am I going to pay for college?”