Let’s talk about money: Planning for your future in college using your Financial Aid Award letter

6 de abril, 2016

David Romero

Consejero Académico y Activista estudiantil

“If you don’t know exactly where you’re going, how will you know when you get there?”

~Steve Maraboli

Financial planning is essential to your success in college. If you are a junior who applied and has been admitted to college you probably have already heard from some universities about the financial aid you will be receiving next year.  The letter in which an university details all of the financial aid you will receive and cost you can expect to pay is called a Financial Aid Award Letter.  The information on this letter is very important because it will help you to make the best decision for your education and it will allow your family to begin planning accordingly for your upcoming freshmen year.

The financial aid award letter will give you all of the details of the your financial aid package.  The letter will detail all of your grants, scholarships, loan, and work-study eligibility you have.  It will also list where the money is coming from.  Is it coming from the government? The university? Or is it a private scholarship?  The information listed on this letter is important for five reasons:

1. Your financial aid award letter gives you knowledge:  by knowing the types of financial aid you are receiving and where they come from you can have a better understanding of what may be long term consequences of accepting the aid (for example, loans).

2. Your financial aid award letter allows you to do financial planning:  Once you know exactly how much money you can expect to pay out of pocket, you can start to think how you and your family plan to pay for the upcoming academic semester.  This also allows you to make decisions that will have a great impact in your financial future.  For instance, deciding how much loan debt you wish to accumulate before you graduate college.

3. Your financial aid award letter allows you to prevent surprises:  Think about it – you are potentially making an investment that will cost you and your family about $30,000 to $40,000.   Any investment of money this large requires your careful consideration.  The financial aid award letter can help you to make the best decision about what school to attend based on what you can afford.  Look at the fine print before you make a final decision about which college you decide to attend.  Any deal that requires a sizable investment of money from you requires your careful consideration.

4. Your financial aid award letter will allow you to make a decision:  By comparing the financial aid packages from different universities you can make an educated decision about the best place to pursue your future without having to break the bank.

As you continue to prepare for the next step of your academic career in college – remember there are people ready to assist you through the process.   Your school counselors are a wonderful resource to consult if you or your parents have any questions about the details of your financial aid award letter.  

Also, contact the office of financial aid of the university you wish to attend and ask to speak with a representative that can help you understand the details of your financial aid award letter.  The time you spend learning about the details of your financial aid award will increase the likelihood of your success in college.  ECHALE GANAS!

Resumen en Español:

• Aquellos estudiantes que se están preparando para la Universidad el próximo año han recibido una carta de ayuda financiera de cada una de las instituciones a la cuales ellos han sido aceptados

• Esta carta de ayuda financiera es un documento muy importante porque detalla todo lo que tiene que ver con becas, prestamos, y dinero que se tendrá que pagar a la universidad.

• Recomiendo que se informen muy bien con la ayuda de los consejeros académicos y representantes de universidades acerca de los detalles incluidos en esta carta de ayuda financiera.

• La carta de ayuda financiera que sus hijos/hijas han recibido les ayudara a tomar una decisión acerca de cual institución será la mas adecuada basado en el costo.

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