Breaking down your child's college financial aid award letter
MINNEAPOLIS -- Colleges are still sending out acceptance letters and emails to high school seniors. The next assignment for students – and their parents -- is how to pay for it.
Chaska High School senior Amber Paulsen is looking forward to her freshman year at Minnesota State University, Mankato.
"It is close enough if I get a little homesick I can come home, but it is far enough away where I can feel like I have a little bit of independence from my parents," Paulsen said.
During the application process, Paulsen spent a lot of time at the CHS College Career Resource Center. Between college representatives visiting, helping with applications and other support, Paulsen said she got the guidance she needed.
"A lot of time spent in here and a lot of time spent with parents and advisors," she said.
But, it can be a difficult process. Justin Halverson with Great Waters Financial suggests breaking down a financial aid award letter -- by loans, scholarships and grants -- to fully grasp what's being offered to you. He reminds students that school itself isn't the only expense.
"You've got housing, you got books, food, you've got to count that cost as well," Halverson said. "So, you know exactly what it will take to get you through the years you'll be there."
When dealing with scholarships and grants, Halverson says to read the fine print.
"Sometimes these awarded letters have stipulations built in. Maybe it's good for just the first year or first semester. You need to maintain certain requirements to keep it active," Halverson said.
Once that plan is in place, future you will thank you.
"I'm staying at the dorm my freshman year and filling my schedule with classes and immersing myself into the college experience is what I'm really excited for," Paulsen said.
