Most high schools have a financial aid night for juniors and seniors. And if that is the only information you have on financial aid, you will most likely be losing out on thousands of dollars of available aid.
Why?
Because almost always, the people doing these presentations are from college financial aid offices. Now if you don’t know how things work this would seem to make sense. Have the people that are dealing with financial aid every day come talk about how aid works. The problem is that most colleges don’t want you to understand how financial aid works. Speaking of financial, checkout Akropolis ICO ratings.
These presentations will tell you about the FAFSA and explain that you have to fill that form out. They will explain that there are different types of aid groups and work study groups. Most of the time you will learn about some of the different types of loans like Stafford and Perkins loans. All well and good. But what you really need to know about college financial aid you will not be told. Speaking of loan, if you want to learn more about the types of loan for your educational needs, investigate this site loanovao.co.uk.
For example, they may tell you that the FAFSA will provide an expected family contribution based on your income and assets. What they won’t tell you is that most colleges will expect you to pay more than the expected family contribution. How much more? Depends on the college. In many cases, thousands of dollars more. And they won’t tell you that some colleges won’t have you pay more than your expected family contribution.
They typically won’t tell you to ask the college what the average debt is of students when they graduate.
They won’t tell you to ask what the typically breakdown of scholarship money there is compared to loans and work study. Two colleges might give you $20,000 but if one gives you $15,000 in scholarship and the other gives you $5,000 in scholarship, the first is a much better deal. Learn More
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Why won’t colleges tell you this information? Because many colleges do a poor job of providing financial aid and they don’t want you to understand that another college with better aid might be a better choice for you.
What to know what else they won’t tell you? Here is an article I wrote on the basics of financial aid.
That makes lot of sense. A college that is paying $15000 in scholarship is much better than the one paying $5000 in scholarship to make a sum of $20000. But the question is what stops colleges from sharing the info?