What’s in Your Financial Aid Package? - Fastweb

What’s in Your Financial Aid Package?

Ryan Uricks, Fastweb

February 26, 2015

What’s in Your Financial Aid Package? What’s in Your Financial Aid Package?

Once you have been admitted to college, it’s time to weigh the financial aid package you will receive. The package should contain all federal and institutional aid that will go towards financing your education.

Here are some of the more important parts of the financial aid package you should look for.

Federal Loans

All loans awarded to you will either be Stafford or Perkins loans. Remember that undergraduates have annual maximums and can only take out a certain amount of federal loans each year. Depending on your financial need, Stafford loans will either be subsidized (no interests accumulates while enrolled) or unsubsidized (interest accumulates). All Perkins loans are subsidized.

Pell Grants

If you demonstrate significant need, you will receive a federal Pell Grant in the amount of $5,830 for the 2015-2016 school year. If you continue to be eligible for Pell Grants, the amount will be increasing every year to keep pace of rising tuition costs.

Work-Study Programs

Eligible students can qualify for work study jobs on campus to help pay for tuition. In exchange for working a set amount of hours each week, the federal work-study program finances part of your school costs. In addition, you will also earn an hourly wage and gain valuable work experience.

Institutional Grants

Some schools offer admitted students additional grants that cover tuition as part of their aid packages. Most, if not all, of these schools are private and have ample financial aid dollars to spend. These grants never have to be paid back and are awarded based on the expected family contribution (EFC) calculated from filling out the FAFSA.

Merit Scholarships

Schools often award scholarships based on performance in school, athletics, or community activities. These scholarships often require meeting minimum requirements in GPA and test scores. Awards can range from a few thousand dollars to covering full tuition, room and board. Check the school’s admissions website for information on available merit scholarships.

Need Money to Pay for College?

Every semester, Fastweb helps thousands of students pay for school by matching them to scholarships, grants, and internships, for which they actually qualify. You'll find high value scholarships like VIP Voice's $5,000 Scholarship, and easy to enter scholarships like Niche $2,000 No Essay Scholarship, and internships with companies like Apple, Google, Dreamworks, and even NASA!

Join today to get matched to scholarships or internships for you!

Join the Discussion