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Entrance Counseling for Federal Student Loans – Part 2

College Planners of America

When a student is approved for a Federal student loan for the first time, they’re required to complete Student Loan Entrance Counseling (SLEC), an online course offered by the Office of Federal Student Aid (FSA), the agency within the U.S. This is why they’re often referred to as “gift” aid.

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How to Close the Gap Between Financial Aid Offers and the Cost of College

CFAA College Financial Aid Advisors

Any financial aid offer letters received will outline the amount of scholarships, grants, and loans you can expect. The school may have additional funds for low-income students or may be able to point you in the direction of other scholarships. Look for Scholarships: Be on the lookout for all late deadline scholarships.

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Last Minute College Financial Aid Tips for the Class of 2024

CFAA College Financial Aid Advisors

Keep searching for scholarships: You should always be looking for scholarships to help take the bite out of college costs. There are many year-round and late-deadline scholarships that are still available. Review the differences between private and federal loans. Here are more tips on comparing financial aid offers.

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3 Must-Ask Questions for the Financial Aid Director: Unlocking Financial Aid Wisdom

CFAA College Financial Aid Advisors

Find out whether grants and scholarships are renewable, and what the anticipated increase is for next year’s tuition so you can plan ahead. From this amount you can subtract the amount of financial aid most students receive that does not have to be repaid, such as grants and scholarships.

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What to Keep in Mind When Comparing Financial Aid Offers from Your Top Colleges

CFAA College Financial Aid Advisors

Subtract any grant and scholarship offers you’ve received from that figure. The remaining amount is your net price, or out-of-pocket cost that will have to come from loans or your savings. Compare Debt Amounts : Financial aid offers usually include federal student loan eligibility.

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How to Finish Preparing for College Attendance: Tips to Help Pay for School

CFAA College Financial Aid Advisors

Don’t forget to re-calculate and review out-of-pocket expenses, like travel home or daily living to determine what your student might be spending. Calculate your cash flow obligations: Most colleges will provide a schedule of payments for their costs, but be sure to take into consideration your other expenses as well.

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Deciphering College Financial Aid Offers: Making the Right Choice for Your Wallet and Education

CFAA College Financial Aid Advisors

Reread your financial aid letters and determine how much of each package is in federal student loans. Then subtract out the grants and scholarships from individual schools, along with any scholarships you won on your own, for a bottom line net cost figure. Consider Earnings Potential After College: Taking out loans?