Understanding financial aid

[Video] 3 Tips for Understanding College Financial Aid Packages

College aid award season is just around the corner, but before you accept that award, there are a few things you should be aware of. The short video below shares some helpful tips for understanding college financial aid packages.

First of all, what is an award package anyway?

Your financial aid award package details the financial incentives that the college is offering to your student to entice them to attend that particular college. It can include a number of different types of financial assistance, and often the wording can be confusing. For example, sometimes loans can be packaged as an “award,” often with a somewhat misleading name, even though they will still need to be repaid.

“Work-study” is another item sometimes listed on an award letter, but this doesn’t mean that your student will automatically receive the monetary amount shown; he or she will first have to obtain a job on campus, and work the hours to earn the money.

The video below explains these pitfalls in a bit more detail, and also shares some helpful tips for potentially increasing your financial aid award, if the first offer doesn’t measure up to what you need.

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