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Release date: 18-Mar-05 Emory Experts Advise Weighing Aid Offers After "Fat Envelope" Arrives
Contact: All the fat envelopes with college acceptances are due to arrive in homes across the United States around April 1, and families will be faced with the next challenge of weighing a potentially dizzying array of financial aid that will impact the cost of attending the students' dream colleges. According to admissions and financial aid officers at Emory University, it is important to look beyond a school's sticker price and look at the actual cost of attending after taking into account need- and merit-based aid. "When a parent or student looks at the aid package, it is essential that they know whether that package is based upon the total estimated cost of attendance, not just tuition," says Jean Jordan, director of enrollment services in Emory's undergraduate admission office. She says that at Emory, aid is calculated on the total estimated cost, including tuition, room and board, fees, books and living expenses. "A lot of students don't think of aid quite that way. If you are offered 100 percent tuition from one school, but a lesser percentage of total cost at another school that has a higher tuition, you may be better off with the latter," says Jordan. She acknowledges that it can be confusing because the student and parents need to look closely at what part of the package is loans and what part is work-study money, for example. Julia Padgett, director of financial aid at Emory, suggests several issues that families should keep in mind when weighing aid offers or cost of various schools. • Know how much the family is expected to pay. According to Padgett, this is usually the difference between the cost of attendance and the aid awarded. • What are the amounts, sources and types of aid offered? For example, does the aid package include grants, loans, scholarships or work-study funds? "The family needs to be aware that if its package includes a federal Stafford loan, freshmen must wait 30 days to receive the first disbursement, so that aid won't be available to them at the beginning of the semester," says Padgett. "Similarly, work-study funds are based on hours worked and are paid directly to the student every two weeks during the academic year. As a result, while part of the total need-based award, these funds won't be available to help with expenses at the beginning of the semester." • Is the aid based on merit or need? "If the aid is based on merit, it is essential to know--if the scholarship doesn't already cover four years--whether it is renewable and what the student must do to maintain it. If aid is need-based, know if there are forms to complete and application deadlines to be met each year." • If loans are part of the award, know the interest rate and the terms of repayment, especially when repayment must begin. Padgett advises families to consider whether a school offers a payment plan or tuition insurance. "Many colleges and universities do not accept credit cards for tuition, fees, and room and board, so it's important to know if a payment plan is an option. And while every student is sure that he is fully prepared and has chosen his or her perfect school, unforeseen circumstances can mean a student withdrawing after refund deadlines, so tuition insurance is becoming increasingly popular." Hopefully families have been planning for college expenses for years, but for those that haven't, "think of this as an investment to be paid for over time," says Padgett. "They would not typically expect to pay for a car or a home out of current year income, and college expenses are no different. Savings, loans and installment payments are all options that assist in managing the cost."
### Emory University is known for its demanding academics, outstanding undergraduate college of arts and sciences, highly ranked professional schools and state-of-the-art research facilities. For nearly two decades Emory has been named one of the country's top 25 national universities by U.S. News & World Report. In addition to its nine schools, the university encompasses The Carter Center, Yerkes National Primate Research Center and Emory Healthcare, the state's largest and most comprehensive health care system. Subscribe to News@Emory RSS feeds for automatic updates of the latest news at Emory. |
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