4 Things to Know About Financial Aid Offers
Decision Day is approaching for college-bound high school seniors. For most families, financial aid offers from colleges are a key factor in the decision-making process. Here are four things to know about financial aid offers:
- You don’t have to accept federal loans. Most students who complete the FAFSA will qualify for federal student loans, and these will usually be listed on your financial aid award letter; while it’s generally recommended that students maximize federal programs before utilizing alternative financing methods, it’s up to you and your family whether or not to take advantage of these loans.
- Subsidized loans are preferable to unsubsidized loans. Many (though not all) financial aid offers will include both subsidized and unsubsidized federal loans. With a subsidized loan, the government pays the interest during specified periods, such as while you’re in school. With unsubsidized loans, you are responsible for the interest that accumulates during all periods, including while you’re in school.
- Private scholarships can affect your institutional aid. Your net cost is your total cost of attendance minus federal aid and any grants and scholarships awarded you by the school. If there’s a gap between that number and what you can actually afford, private scholarships are a great way to bridge that gap. Just be sure to ask the school whether your scholarships will affect the aid they’re offering you. Some schools apply private scholarships to your need-based aid, meaning it won’t reduce your net cost.
- Work-study doesn’t reduce the billed amount. While included on a financial aid award letter (for eligible students), Federal Work Study funds don’t reduce the billed amount. The amount on the award letter represents the maximum amount a student may earn through work-study during that academic period.
Want more info? Check out this step-by-step guide to comparing college financial aid offers, take a deeper dive with our comprehensive Financial Aid Insider, or make a one-on-one appointment.
Reminder: Granite Edvance offering $750,000 in scholarships
The Granite Edvance Scholarship is now open! This year the NH nonprofit is offering $750,000 in scholarships to new and returning NH college and trade school students – their largest award yet! Scholarships will be awarded in four categories in amounts ranging from $1,000 to $3,000. Applicants must be NH residents enrolled in a two-year or four-year college or Title-IV eligible trade school in the fall of 2025. The application deadline for four-year students is May 7, 2025, and the application deadline for two-year and trade school students is July 9, 2025. Learn more and apply at Graniteedvance.org/ge-scholarship.
For more information and personalized support with college and career planning and financial aid, visit Graniteedvance.org, and follow Granite Edvance on Facebook, Instagram and LinkedIn.
