Finance Authority of Maine - College Prep

1:01 PM, Mar 13, 2014   |    comments
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It's that time where the families of many college-bound students know what their expected contribution will be, but don't yet know which school they'll be attending. FAME helps lay out a plan for the coming months.

So you've received your financial aid award, now what?

Be sure to carefully review your award and understand what you've been offered.  Does it include free money (grant), or money that you have to pay back (loan)?

  • Ask lots of questions
  • Seek out additional financial aid
  • If you applied late, be sure to meet future deadlines!
  • Know what you'll owe and the salary you'll need to pay it back.
For most families, financial aid doesn't cover the entire college bill...
  • Students who use multiple financing strategies have the most success - savings, family contributions, payment plans.
  • Savings, including savings from summer earnings can help.
  • Tuition payment plans are an affordable option.
  • Additional loans should be the final option considered.
Before borrowing any additional loans, you need to reduce the costs you can control.
  • Live like a college student when you are in college, so you don't have to live like one when you graduate!  Spend less, borrow less.
  • Watch out for hidden costs - meals out, travel (leave the car at home), coffee, and entertainment costs add up fast.  Buy your books online and save big.
  • Create a budget and stick to it.
  • Ask for help!

Additional Resources:
Fame Maine - financial aid, financing and money management
Salt Money - manage your finances and students loans

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