Financial Aid 101

Let's begin with some general advice:

Beware of Sticker Shock: Undoubtedly, there are going to be large numbers thrown around in your research and discussions with schools. Don't dismiss a school because of its high cost. Learn more about the school's financial aid policies and consider the benefits of an education from that institution. Then, relate those factors to your resources and how you might meet the costs.

Do as much as you can: Really get a handle on your financial circumstances. Develop a budget of your monthly income and expenses and figure out if you can pay educational costs from assets, savings or cash. Remember, every dollar you pay (rather than borrowing) will save on repayment and interest charges.

Always consider "Cheapest" options: We do not mean the cheapest, lowest cost school - You should be looking for the best deal. That includes considering the total costs and the total financial aid package, including the types of loans offered to you. Everyone's goal should be to minimize the amount of finance and interest charges associated with your education. With that in mind, choose scholarships and grants over loans, pay as much as you comfortably can from your income and assets and choose the lowest cost loans that you can afford.

Never stop looking for aid: There are numerous scholarship searches, organizations and foundations that may be able to help. Take an active role in seeking these resources and start with our Scholarship Search page.

The Department of Education provides a wonderful online resource -- "Funding Your Education". Click here for details.

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Calculating costs and financial need