By Tiffany Connors at The Penny Hoarder
"Asking for specific details about your loan can help you budget for college costs — and possibly get a jumpstart on payments while you’re still in school.
The costs associated with loans often aren’t detailed in the financial aid letter, either, so it’s a good idea to ask about them, according to Certified Financial Planner Alexandra Wilson.
“What are the origination fees for these loans?” Wilson suggested asking, noting that this is no time to settle for general or vague answers. “What does that mean in dollar amounts? Don’t just give me a percentage.”
Although the opposite problem may seem like a welcome one — your award letter offers more money than the listed cost of attendance — this isn’t the time to break into a rendition of “We’re in the Money” while buying dinner for all your friends.
It is the time to call the financial aid office and ask about the discrepancy, according to Wilson.
“I was offered $10,000, but tuition is only $4,000 — do I need to take out the other $6,000?” she suggested asking. “Are there things I’m not considering?”"
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