New Student Mondays: 5 Things to Know About Your Financial Aid

For many families -- mine included -- where you got into college was equally as important as how much financial aid you got from each school. And even though financial aid is such a critical, essential part of a student's ability to go to college, it can still seem overwhelming and confusing.

One thing to keep in mind as you, a newly admitted college student (congrats!), begin signing financial aid forms is that financial aid isn't as scary as it seems at first. With a little patience, reading, and/or research, you can feel in control of your financial aid package instead of feeling like it controls you. The first step: check out a list of 5 things to know about your financial aid package. They'll help you see just what can and can't be done with your aid as well as what you'll need to know now in order to have a financially successful (instead of scary) year next year.

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Extra Info. on Financial Aid

You've received your financial aid award letter for the upcoming academic year. Amidst all of the financial aid terms and figures, there is some important information that may not be explicitly mentioned but that is good to know.

1. You can -- and should -- shop around for loans. Just because your financial aid office gave you a student loan from Company A doesn't mean you can't get a loan from Company B instead. Shop around -- at your bank, at other lenders your school works with, at the credit union your folks may belong to -- to find the best interest rate possible. It could end up saving you hundreds, if not thousands, of dollars later.

2. Know that your financial aid package is negotiable. Yup, that's right. You're not "stuck" with whatever your school gives you. If you are a first-year student trying to decide where to go, use your financial aid offer from College A to get a better deal at College B. A school can sometimes match another school's offer if they have the available funds and want you to come badly enough. Additionally, if you feel like the package you've been given is from a formula and doesn't, for example, take into account the high medical bills your family has, make an appointment with a counselor to see what they can do for you.

3. Your school may increase your financial aid the longer you attend. A high number of students transfer or drop out of college during their first or second years. Consequently, if you've stayed at your school for two or three years, the financial aid office may be willing to "invest" more in you because they know you are statistically more likely to stay than an incoming first-year student.

4. Be on good terms with the financial aid office staff. Think about it: every time you walk in, they are super busy and trying to work with a lot of students requesting a lot of different things. They work hard at a hard job. Consequently, yelling at a financial aid staff member isn't going to help you any. Finances can be touchy for a lot of people, so make sure to remain polite and respectful of the people who work all day trying to make sure you can stay in school.

5. If you have an emergency, the financial aid office can be a great resource. Short several hundred dollars for rent at the end of the semester? Have to fly home for a family emergency, but don't have the money in your budget? Check with the financial aid office about what they can do. Some schools have emergency funds available for students in emergency situations. And even if they don't, they can point you in the right direction so that an unexpected financial bump doesn't turn into a decision to withdraw.

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