Financial Aid Fridays Week Four – Financial Aid FAQs

Five things to know about Financial Aid
1. What are the types of loans available to me, and how do I access my loan money? –  Student loans can be overwhelming. Students must complete additional steps in the financial aid process to access their loans. If you are not sure which loan is the best fit for you, or the steps needed to access your funds, contact your MEOC Advisor as soon as possible for more information.
2. What does ‘cost of attending’ mean?  Each school developed an estimated cost to attend their school each year/semester. It is important that you know what your school considers in their ‘cost of attending’. There may be expenses that you have that they are not aware of! Connect with your MEOC Advisor to learn more.
3. If you received scholarships in your award, are they renewable? Many scholarships are awarded based on the school year/semester. There are some that are renewable each year. Know what the policies are around the scholarship that you were awarded. Reach out to your MEOC Advisor for support.
4. What happens if my financial situation changes in the middle of a semester?  If you or your family experience financial changes at any time, reach out to the financial aid office and explain the circumstances. There may be ways that the Financial Aid Office can assist with emergency funding or scholarships. It is important to let them know. If you are unsure if you should reach out, connect with your MEOC Advisor for assistance.
5. What does Selected for Verification mean? Some students are randomly selected for Financial Aid Verification.  It is important to respond to your school as soon as possible with the requested information. A delay in responding can impact your award! Reach out to your MEOC Advisor for help with understanding the verification process and identifying the documents requested by the financial aid office.

Financial Aid Friday’s Week Three – Financial Aid Award Letters

Understanding Your Financial Aid Award Letter

It is very important to fully understand your award letter and know your options.

Things to consider

  • What is your annual cost of attending school?
    • Tuition, Fees, Living Expenses, Books, Travel, Childcare, etc.
  • What are the types of aid that you are being offered?
    • Free Aid – Federal Grants, State Grants, Scholarships
    • Loans – Federal Subsidized and Unsubsidized Loans
  • What is Work Study?
    • Is Work Study guaranteed?
    • What types of jobs are available?
    • Will work study work for me and my schedule (and my family)?

After you Review – What if it is not enough?

Reach out to your MEOC Advisor for guidance!

They can help direct you to potential scholarships and training programs that may be able to help. Has your (family’s) financial situation changed since 2021? It is important to inform your school of any financial changes in your family. Your advisor can also help with your Request for Professional Judgement and Review of your Award.

Remember you are not alone – Reach out your MEOC Advisor – Get Help, Ask Questions, and Follow up!