Money MattersIn a continuing series on what it takes to gain admission to a top college, five of University of Puget Sound's admission professionals offer five tips on making the most of your financial aid package. So, you've received your admission decision in the mail and the next long-awaited arrival is your financial aid package. If older siblings went ahead to college before you, your family might already have a sense of how to decipher this stuff. If not, a few tips will help you out. It's really not as complicated as it looks. - Read the information sent. Examine thoroughly the award letter, which itemizes different types of aid you've received (loan, grant, work study, and perhaps scholarship). If anything sounds unfamiliar, consult the paperwork that accompanied your financial aid package. This sounds obvious, but most questions are answered by just reading the Student Financial Services publication, MONEY MATTERS: Your guide to costs, financing and financial aid, or its equivalent, available at most schools.
- Strongly consider working. Students sometimes phone and express an interest in accepting a campus work ("work study") award --- but only after the first year. Studies show that students who work twenty hours or less during their first and subsequent years are actually more productive, happy, and efficient college students. Most students work on average twelve hours a week, a manageable amount while going to school. Plus, work study puts you in contact with other students and staff supervisors who can support and mentor you during your four years (and particularly during your first year). If you don't receive work study at Puget Sound, you can still find a job on campus.
- Ask questions. One that bears explaining to most is why college X offered more/less scholarship money than college Y. Each college has different policies for awarding scholarships. Does the school, like Puget Sound, consider the strength of students' high school courses (relative to the courses available) in determining students' financial aid awards? This can mean that sometimes students with better classes might be more eligible for scholarship money. Are you a little "stronger" relative to one school's applicant pool than another? It's important to note, however, that the size of the scholarship at any school does not mean a particular college is more or less "interested" in you as a student. Each offered you admission and welcomes you to its first-year class.
- To "negotiate", or not to "negotiate"? Ugly word, isn't it? Most families and colleges do less haggling over financial aid packages than one might think. Usually, colleges do their best effort early in the initial financial aid award, and work with families over the phone or in person to explain the details. Still, if your family genuinely comes up short for Puget Sound, it doesn't hurt to make a phone call. The worst you can hear from any college is that it did the best it could and doesn't have more money to award. Occasionally, however, we can help.
- If you don't know, call. This is true in so many cases with one's college search, but the level of support and guidance you get at this stage is indicative of what you'll experience when you arrive on campus. Puget Sound's Offices of Admission (800.396.7191) and Student Financial Services (800.396.7192) welcome calls from families with questions about costs and financing. This is what we, and most admission offices nation-wide, do in the spring. Take advantage of it! Or, better yet, make an appointment to meet with one of us when you make your last rounds of campus visits.
As ever, Puget Sound is happy to help. If you're interested in a campus visit appointment or in talking with a representative from the Office of Admission about any aspect of your college decision, contact us anytime at admission@ups.edu or at 800.396.7191. Look forward in the coming month to tips on making your final college choice. | |
