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Unsub-what-now? Reading over your financial aid letter—with its random numbers, abbreviated terms, and generally sus math—can be like trying to understand gibberish. At the very least, you’ll have…questions. And here’s the thing: You must ask them, even if you’re worried they’ll make you seem like you don’t know what TF addition is.
Trust: The problem is most likely not you but the geniuses who sent the letter. Examining every number is the only way to grasp how much money you’ll be on the hook for now, next year, and when you’re 30. Here are some Qs to get you started.
1. Can I talk to a financial aid counselor?
Calling a college financial aid office cold and saying, “Uh, hi, can you help me, plz?” is low-key scary, and unfortunately, there’s no real way to make these convos super comfortable. But if you connect with a human soonest, you’ll have an actual email address (with a name) where you can send your “Excuse me, can you please help me decipher this insane letter? K thx” note.
2. Can we go through my aid package line by line?
It sounds tedious, but it’s crucial to understand what’s a grant or scholarship (aka free money) versus what’s a loan that will need to be paid back with interest. Rachel Fishman, deputy director for research with the Education Policy program at New America, has seen excited students put down a deposit in spring, then panic when they get a bill over the summer that’s way bigger than expected. “It’s because the financial aid package wasn’t communicated effectively,” she says. “Some students have to take a semester off to figure it out.”
3. What is the overall cost of attending this school?
A school’s cost of attendance, or COA, includes not just tuition but other costs like room and board, transportation, and books, says Faith Sandler, the executive director of the Scholarship Foundation of St. Louis. Be sure to ask if that cost could go up after your first year, since some schools raise tuition annually (and if your aid package doesn’t also get a boost, you could be forced to take out unplanned loans to cover the difference). Also ask if certain majors are more expensive (architecture students, for example, might need to purchase pricey computer programs, while pre-med students may get saddled with lab fees). Ask if there will be any costs you may not have anticipated. Oftentimes, schools conveniently leave out this precious info, causing you to scramble last minute to afford that mandatory $200 textbook.
4. Can you go any higher on the amount of grants or scholarships you’re offering?
Just like you’ll negotiate your salary when you (*crosses fingers*) get a job, you can try to negotiate your aid package when you get into college, says Chanell Thomas, associate director of the Office of Student Financial Aid and Scholarships at Vanderbilt University. “Students don’t ask if adjustments can be made or don’t know what questions to ask,” she says. But your school might be willing to review your package if there were errors on your aid application or your financial picture has changed (say, one of your parents lost their job). “Depending on the school, there may be room for adjustments,” says Thomas.
5. Will I be receiving the same amount of aid money next year? And the year after that?
“A lot of aid packages are front-loaded,” says Fishman. “A college will offer a grant to get the student through the door, and then all of a sudden, that grant goes away in the second, third, or fourth year.”
6. Are there any ways I could lose this money?
Grants or scholarships that do carry over may come with conditions, such as maintaining a certain GPA or enrolling in a certain number of classes per semester, Fishman adds. Your annual package could even vary based on what month you submit your FAFSA, says Teresa Steinkamp, supervisor for student support programs at the Scholarship Foundation of St. Louis. Make sure you know exactly what you need to do to keep the cash rolling in.
7. What percentage of students need more than four years to graduate?
Five years of college equals five years of tuition. If there’s a high number of students taking five years to get a degree, press the college on why. For example, are there certain majors that require five years? Programs that encourage you to take summer courses? (Bc those cost money too.) And if a school has a high rate of students who don’t graduate at all, you may want to steer clear, no matter how good your package is. “You need to choose a college that’s setting you up for success,” says Fishman.
8. I’ve been given a work-study. Will I definitely be able to get a job on campus?
Some financial aid money comes with the requirement that you work for it (say, in the cafeteria or the library). This is called work-study. Unfortunately, schools may promise more of these jobs than they actually have. “More and more, students are being awarded work-study funds,” says Steinkamp. “But they are not always successful in obtaining those positions.” Ask your counselor if every work-study student got a job during the past school year. And what will happen if you don’t get one (will you lose those dollars?).
9. Do you have data on the salaries of your graduates?
You should borrow no more over four years than your expected post-college starting salary, says Mark Kantrowitz, publisher and VP of SavingForCollege.com. “If your debt is less than your annual income, you’ll be able to pay it back in 10 years or less” (otherwise, it could take 20 or 30 years). The College Transparency Act of 2017, a bill backed by Elizabeth Warren, would set up a federal data system that tracks post-graduation salaries by college major to give prospective students a better idea of whether they’ll be making enough to handle high loan payments. For now, see if your particular college has any of its own data to help you make an informed decision on what loans are realistic for you (based on what you want to be when you grow up).
Jessica Goodman is the New York Times bestselling author of young adult thrillers They Wish they Were Us, They’ll Never Catch Us, and The Counselors. She is the former op-ed editor at Cosmopolitan magazine, and was part of the 2017 team that won a National Magazine Award in personal service. She has also held editorial positions at Entertainment Weekly and HuffPost, and her work has been published in outlets like Glamour, Condé Nast Traveler, Elle, and Marie Claire.
