You are in with a roar. Now, you might be thinking, what’s next?
Before you make it official-official, it’s important to address those financial conversations about how cost could impact your family and future. It’s overwhelming – we get it. But as a top-research university, we are committed to providing higher-education opportunities that are both accessible and affordable. Last year, UNH awarded more than $266 million in scholarships and financial aid.
Here, we talk about the different tools you’ll see in your financial aid package and highlight some questions worth asking as you choose the right school for you – and your big goals.
#1 What types of financial aid are there?
Grants. Scholarships. Work study. Loans. What’s the difference? You’ll see a variety of aid types in your award package that will impact your financial responsibility differently both in the short and long-term. Merit scholarships, need-based grants and work study are types of aid that you do not have to pay back while loans are. Fact: 88% of first-year students receive merit scholarships or financial aid.
So, should you take out a loan? Loans are a useful (and common) tool to help pay for college. They are also a long-term investment that will influence your post-grad life as you build your career.
There are two federal loans associated with the FAFSA. Subsidized loans – where the federal government pays the interest that accrues while you’re in school – and unsubsidized loans – where interest that accrues while in school and payment of this interest is the student’s responsibility (interest does not need to be paid while in school). On average, individuals with a college degree earn $32K more each year than those with only a high school diploma.
#2 How does affordability add up?
Affordability goes beyond the sticker price of tuition and what’s offered in your financial aid award. It also includes how much you’ll have to pay to bridge the difference of what’s not covered. This is what you’ll hear financial aid pros call net cost.
Let’s simplify it. Net cost is the price of tuition plus all additional expenses like housing and dining minus the total amount of your financial award. So, how much will you actually pay after grants, scholarships and loans? The equation is always the same, but the variables are not always equal. If you want to get a better idea of what we’re talking about, grab your calculator and plug in out-of-state tuition for a private versus public school, or rent in a city versus in a suburb.
#3 What does value mean to you?
When it comes to your education, you are investing in your future. Not everyone’s goals look the same. Maybe you value having access to the greatest number of lifechanging opportunities for the lowest actual cost. Maybe you value staying closer to home – or a college that feels like home. Maybe you value your post-grad financial freedom. The point: value means something different for everyone. The best value is the right one for you.
#4 Ask us anything, any time.
The UNH financial aid office is full of people who care a great deal about future and current students. They are here to answer any questions that may come up. Visiting campus? Schedule an appointment with a financial aid counselor. Exploring colleges from home? Reach out for a virtual appointment or stay tuned for upcoming virtual information sessions for admitted students.
Before you go: if you have not already submitted your Free Application for Federal Student Aid (or FAFSA), be sure to do so by the March 1 FAFSA priority deadline.
Also see: Navigating Financial Aid
