"Deciphering financial aid award letters can be confusing and stressful, even under normal circumstances. In a typical year, high school seniors need to make their college decision and accept the financial award package by May 1. But because of the coronavirus crisis, there are reports that at least 300 schools have pushed back decision day to June 1," the Tribune News Service reports.
..."Figuring out how much college will cost can be complicated because schools typically lump loans, scholarships, grants and work study into the same pot. Yet, with so much on the line, a 2019 survey by Sallie Mae found that just 42% of families felt as though they completely understood their financial aid offers.
In reviewing the financial aid award, step one is to understand the terminology.
'The biggest thing is to make sure you know what you don’t have to repay and how much you will have to repay,' said Megan Coval, vice president for policy and federal relations at the National Association of Student Financial Aid Administrators."
Publication Date: 4/28/2020