Parents and students often find it challenging to understand the financial aid award letters they receive from each college. PayForED has developed a program called “Decoding the Financial Aid Award Letter” and includes a combination of blog articles, videos, and webinars that will begin in February and will run through May. Our program will review the different aspects of the award letter. We believe the best way to solve the student debt problem is to avoid the event from happening through education.
Need for Financial Aid Transparency
New America and uAspire released a fascinating study in June 2018 in which they reported that families are facing difficulties understanding the details of their financial aid award letter and how the colleges communicate their costs. The study reviewed over 11 thousand award letters from over 910 different colleges. The results confirmed the lack of financial transparency in the college decision process and how confusing it is for families.
The Department of Education has been trying to get colleges to use a standard award letter format for a year without much success. This lack of financial aid transparency and literacy is a driving force for our Decoding the Financial Award Letter Program.
Financial Aid Award Letter Webinar
PayForED will be hosting a webinar titled “Decoding the Financial Aid Award Letter,” so families can better understand the details found on their financial aid award letters such as need-based aid, merit aid, and student loans. The college selection is one of the most critical decisions made by parents and students. Breaking down the award letter and understanding merit aid versus need aid is vital. This program provides insights that go beyond the financial aid process and helps families understand and compare their award letters.
Listed below are just a few items that we will cover in the upcoming webinar:
- Analyze the college financial aid award letter and the terminology
- Learn and apply for student loans and financing options
- Ways to have the money discussion with your child
- Appealing the Financial Aid Award Letter
- Structuring the student loans the best way
- Other cost-saving strategies
The presenter is Fred Amrein, a recognized expert in financial aid, college funding and student loans. Fred brings personal financial expertise to the college financial decisions. His company developed the College Cost Analyzer, a college financial software tool that allows families to easily view a side by side comparison of their actual award letters. This tool projects the total net cost of college and debt at graduation so parents and students can make informed decisions.
PayForED has scheduled a webinar to help families understand the Financial Aid Award Letter. The webinar date and time is listed below: