#1
27th April 2016, 08:36 AM
| |||
| |||
MBA Financial Aid Tips
Hello sir would you please provide me information about Tips for Financial Aid Award Letters please make it fast for me
|
#2
27th April 2016, 08:37 AM
| |||
| |||
Re: MBA Financial Aid Tips
For many students, the financial aid award letter is critical when deciding what school to attend. Here’s what you need to know about your letter: Award letters are sometimes referred to as financial aid “packages.” Your award letter should list your Cost of Attendance (COA), Expected Family Contribution (EFC) or Student Contribution (SC), and Financial Need. The letter will include various types of financial aid for which you are eligible. You do not have to accept every type of aid offered in the award letter. Most of the loans, such as Stafford and Grad PLUS, will require you to complete a Master Promissory Note (MPN) once you select your lender. You will receive an award letter from each school to which you have applied. Some of the information on your award letters will be similar, but some will be different, so be sure to follow instructions as to how to apply for each kind of aid listed. Some schools may “package” you up to your total COA, meaning that, in addition to any need-based aid you are eligible Some schools may only list “need-based” aid, perhaps with a reminder that you may apply for additional loans. Remember that how much you borrow is your choice. Just because your school “packages” you up to COA (if they do), it does not mean you have to borrow that amount. The following is what a financial aid “package” might look like in an award letter: Cost of Attendance (COA): US$50,000 Expected Family Contribution (EFC) or Student Contribution (SC): US$10,000 Financial Need: US$40,000 Sample Financial Aid Award: Merit Scholarship: US$2,000 Subsidized Stafford Loan: US$8,500 Unsubsidized Stafford Loan: US$12,500 Grad PLUS (or private): US$27,000 |