What Questions Every Student Should be Asking the Financial Aid Office

What Every Student Should be Asking the Financial Aid Office

When you applied and got accepted into your favourite school, you don’t want to be surprised with extra fees that are not covered by your budget and financial aid, to avoid any out-of-pocket expenses,

Make sure you ask every single question that comes to mind. Don’t be shy; these are the five most important questions every student should be asking, based on recent students surveys conducted by University Magazine at Canadian and American universities.

 

1. How Much Will It Cost to Attend this School?

Students must ask about costs and understand how much funding will be needed to attend a specific college. Things to inquire about include tuition, fees, books, room and board, supplies and other necessary expenses. Students should also ask the financial office how many total costs typically increase yearly.

This is also an excellent time to find out what the school offers types of aid. The amount of support the school gives is always limited to the amount of funding that the school has for that year. Therefore, students who inquire about aid first are often more likely to get what they need.

 

2. What Is the Deadline for Applying for Aid?

Every school has different financial aid deadlines. Often, these deadlines are other than the federal deadline. Some schools also have ‘priority deadlines.’ These deadlines are critical and should be carefully observed, especially by students who want to increase their chances of getting as much aid as possible.

 

3. When Will I Be Notified of Aid Decisions?

Knowing when the school will let you know about your financial aid package is always a good thing because it allows you to create your finance timeframe. This timeframe will be helpful if you have applied to more than one school or think that there is a chance you will need to borrow money to cover all of your college expenses.

 

4. Do You Offer Different Tuition Payment Plans?

Avoid stress overpaying your tuition by finding out what your options are before any billing deadlines. Some schools will expect to be paid right away. Others offer quarterly or monthly payment plans for annual expenses. The financial aid office will be able to give you detailed explanations of payment plan options.

 

5. How Do I Finalize My Award?

Once you’ve received your award package, you’ll need to determine what steps you need to take to secure your financial aid. For example, you might need to visit the financial assistance office or go online to accept your award. If you have a loan as part of your financial assistance package, you’ll need to sign a promissory note and participate in a counselling session. Some schools might also require you to sign off on your total bill even if you use financial aid to pay your tuition.