May Financial Aid Action Plan

This month, we will talk about what you need to fill any gaps in your finances for your tuition. For those of you wishing to get a head start, you will be looking into registering for summer courses and taking your AP exams.

Last month, you registered for your Advanced Placement (AP) exams in the subjects of your choice. You should have also prepared for the exams by doing some extra studying. May is the month you will take the exams. You will need to look over your registration forms and find out the location and times of the exams. Each exam will take place on a different day and perhaps at a different location. So, check your registration forms to verify where you need to be and when. Also, check the registration form or ask your instructors what items you will need to bring with you to the exam; these may include writing utensils, the registration form, and a form of identification. Good luck with the tests!

This is a good time to finalize your housing plans for the coming year. Many incoming freshman choose to live in the dormitories on campus. This is a good idea because it gives you the opportunity to socialize and meet many people. It is often a wise economic choice. Off-campus apartments and student housing can be much more expensive than choosing on-campus housing. Research the housing options in the area with your parents and discuss the costs before making a final decision.

If you choose to live on campus, check out the dorm layouts and decide which is best suited to your needs. Fill out the housing application, which should have come along with your acceptance package. If you did not receive one, the housing department website should have a downloadable application, or you can contact the housing department to ask how apply. Dorms typically have a “personality”.  Make sure you pick the right one for you. Do you want a co-ed dorm or same sex?  Mini-suite or standard room? Loud or quiet? If you already know who you would like to room with, be sure to list that person on your application as a preferred roommate. You also need to make sure that person also lists your name on their application. This ensures you a better chance of rooming together.

If you’re not sure whom you want to share a room with, consider allowing the university to pair you with someone. The roommate you end up with could become a lifelong friend. If your assigned roommate does not work out, schools have a process in place which allows students to make changes.

Last month, you went through your financial aid awards and either accepted or denied them. At this point, you should know about how much you are receiving from your chosen school and whether or not you still have to find more funds to cover a gap. You should be talking with your parents about budgets and allowances.  Will you take a car to school, will you get an allowance if you keep your grades up, and how will you cover expenses such as gas, clothes and having a social life?

If you find that you will have to cover a large share of the tuition yourself, start looking into private loans from companies such as Sallie Mae or banks. You can get an idea of how student loans work by visiting www.loans.financialaidtips.com. Consider applying and going through the process to learn more about it and to make sure you have your bases covered.  Even if you don’t end up needing or accepting a loan, you need to be ready in case you do need it quickly. These can be taken out in your or your parents’ names. Once you qualify for a loan, you will need to sign a Master Promissory Note (MPN) which is your agreement with the lender that you will comply with the conditions of the loan. You can choose to defer the payments until you graduate or to make payments while attending school. Make absolutely sure you understand the conditions of the loan before accepting it! This means you know your payment plan, your interest rate, and any other conditions that affect your payments. For more information about loans, refer back to the January article.

Students who want to get a head start on college should look into taking summer courses. You can choose to enroll at the school in which you have been accepted, an online university or a local community college. Talk to your admissions counselor or your major advisor about registering. Summer is split into two semesters: “Summer I” which begins in June, and “Summer II” which begins in July. At this point in the year, the school will be in the middle of late registration which means you may have to pay more per class or per hour depending on how the university charges.

If you decide to enroll in summer courses, be aware that your financial aid award will not cover your tuition for the summer or any other school-related expenses. Financial aid gets awarded to you in the fall semester.  Therefore, you will have to pay out of pocket for any courses you decide to take over the summer. Summer school may sound bad now, but taking a class now can significantly ease the pressure later and make your college experience more enjoyable.

Take some time to celebrate your many accomplishments and look forward to your future as a college student! You have worked hard this year in preparing your applications and applying for financial aid.

In summary, this month you will:

o       Take your AP exams

o       Finalize your housing plans

o       Decide how to fill gaps in your financial aid

o       Register for summer courses, if interested

Have a fantastic graduation and cherish every moment you have with your friends! The upcoming summer months will be exciting for you as plan your trip to college. In June, you will be making travel arrangements, visiting the campus, and determining how to cover any expenses that pop up along the way. Good luck!

If you missed any of our previous Monthly Financial Aid Action Plan newsletters, you can find them here:

Early Summer September October November December January February March April