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UNDERGRADUATE STUDENTS

3 Things To Do After Receiving a Financial Aid Package

posted by Beatrice LaRue, Director of Student Financial Services

If you've started receiving acceptance letters, you've also probably started getting your financial aid packages (also known as award letters). Well first, congrats! You're so close to choosing the school you want. Yet we wouldn't be surprised if you had some follow-up questions about what it all means and what's next. Here are three things you should do after receiving financial aid packages.

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1. Connect with the school for help understanding the terms. Expected family contributions, subsidized vs. unsubsidized loans, net price...it's okay if you're unsure what it all means. By getting in touch with each school's financial aid office, you can better understand the terminology to know exactly how much you'll save and how much you'll spend. It'll also give you the chance to explain any significant changes that may alter your awards, like a divorce or job loss. (At LIM College, we recommend you schedule a phone call or meet with our financial aid team to further discuss your package and make sure it suits your needs. In fact, keeping the conversation going is important to us. After all, if we admitted you, we want you to enroll here!) 

2. Enlist the help of your family. You'll want to go over your award packages with your family; their input will help make your decision a bit easier. Compare costs and values for each plan together, keeping in mind that even if a school is giving you more money than another, their net price may still be higher. Ask your parents any remaining questions you might have—like how much they're able to supplement your tuition and how much you'll pay on your own. And remember, you don't have to accept all the loans you're offered; you have the option to take all, some, or none of it. Your parents know best about your (and their) financial status, so they'll be able to help you decide how much you'll want to accept.

3. Make your deposit. After you've decided which financial aid package (and which school overall) works best for you, it's time to say yes and enroll. Follow the instructions on your award letter to tell the school how much you'll be accepting and let them know you're officially in. Then, you can get started on the fun stuff, like attending undergraduate orientation, arranging for housing, and scheduling classes.

If LIM is your final choice, we're excited you'll be joining us in the fashion capital of the world. Submit your deposit today to reserve your spot so you can get started on your fashion career!  

MAKE YOUR DEPOSIT TODAY

 

Topics: Admissions Advice

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