Time to hang up the bathing suits and hit the books: It’s back-to-school season!
For many of you, it’s probably been months since you’ve completed the FAFSA or submitted your school’s financial aid application. Have you checked in with the financial aid office to make sure they have everything they need to disburse your financial aid? If not, here are some questions you should ask:
- What do I need to do to finalize my award? Each school has a different process for awarding and disbursing financial aid. If it has been a while since you contacted the financial aid office, stop by or give them a call. Often times, there are requirements you must meet before your financial aid can be paid out. Maybe you need to sign a Master Promissory Note or complete Entrance Counseling? Check with your school’s financial aid office as soon as possible so that you can be sure you receive your financial aid on time.
- What academic requirements do I need to maintain in order to receive financial aid? In general, you need to make satisfactory academic progress. Each school has a satisfactory academic progress policy for financial aid purposes; check your school’s website or ask someone at your financial aid office to find out what the requirements are.
- What are the terms of any loans offered? If you were offered student loans as part of your financial aid package, it is important that you understand the terms of those loans. Remember, a student loan is just like any other loan. It’s borrowed money that will have to be repaid with interest. Do you know what your interest rate is or when you are supposed to begin repayment? If not, ask. To help you keep track, try out our new Financial Aid Counseling Tool (FACT).
- Where can I find a work-study job? Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. Federal Work-Study is unique in that it is a type of financial aid that is not applied directly to your school costs. Instead, you earn the money as you work. In order to earn the money that has been allocated to you, you’ll need to find a work-study job. Talk to the financial aid office to find out what types of federal work-study jobs are available for students at your school.
- How and when will I receive my financial aid payments? The million-dollar question. Every school has a different process for disbursing financial aid. You can probably find the answer on your school’s financial aid website, but if not, contact the financial aid office and they should be able to help you out.
Nicole Callahan is a new media specialist in ED’s office of Federal Student Aid