Congratulations on being accepted into a college! Now, let’s make sure you get what you deserve in order to help you pay for your education. It all starts with understanding the college award letter. Here are four questions to help you ensure that you know exactly what you are getting.
- Is the letter outlining the cost of attendance or just direct costs? – This is important to know because direct costs leave out things like books, supplies, transportation costs, reasonable personal expenses, and other fees. Direct costs only apply to your tuition as well as room and board.
- Does the merit scholarship apply to all four years or just the first one? – A merit scholarship can really help pay college costs. However, be careful you do not think you have received more than you have. If the scholarship is just for freshman year, is it renewable? If so, what are the requirements (GPA, sports performance, etc.)?
- Does the grant decrease year by year? – Sometimes, you get the maximum grant your freshman year, and then there is a decrease in the grant for each subsequent year.
- Does the letter list all applicable fees? – Common fees, extracurricular fees, and lab fees (to name a few) can add hundreds of dollars per semester that you weren’t expecting. Make sure everything is transparent.
Get Helping Planning for College Financially
College Planning Source is here to help you enjoy your college experience rather than spending it worrying about how you are going to pay for it. Contact us today at 858.676.0700, or you can submit an online request for a complimentary planning assessment.
