As a student, you may spend more time in the financial aid office than anywhere else on campus. Much of your time could be better used if you knew the right questions to ask your financial aid advisor. Below you will find some interesting information to help you get started.
Did you know ...
... that most schools increase a student's budget once during either undergraduate or graduate school for the cost of a computer, and you can often take out a loan to cover the increase?
... that if you have children, you can often receive a budget increase for the cost of daycare? Much like the computer, additional loans may be taken out to cover the cost of daycare.
... that student loans can be used for more than just tuition? Student loans often are used to cover living expenses, including car insurance, food, and clothes.
... that many universities require first and second year students to live on campus or with parents, which can greatly increase your costs? The cost of dorm rooms is calculated into the budget and student loans will be credited directly to the university to pay for the dorm room along with your tuition.
... that if you are required to live in the dorms as a freshman, you may be required to purchase a meal plan, which can also be quite costly?
... that your status as a dependent on your parents or as an independent student can greatly affect your financial aid awards? Schools have varying tests to determine whether you are dependent or independent, but often students with children or married students are automatically considered independent.
... that students who receive student loans but do not attend a certain number of classes may have to pay back their student loans immediately?
... that many states often have need-based grants, but students must apply earlier than the federal deadline, and that state money runs out long before federal money, so time is normally of the essence?
... that no matter how many grants, scholarships, and loans you may have been awarded, you can never take out more financial aid than your cost of attendance as determined by your school?
... that once your financial aid has been credited to your account and your tuition paid, the school will refund any excess money to you for use during the remainder of the semester?
... that the cost of books may be as much as $1,000 per semester, depending on your courses, and you should budget accordingly?
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