New CFNC guide helping families read financial aid award letters
WILMINGTON, NC (WWAY) — A new guide from the College Foundation of North Carolina is helping prospective college students understand financial aid award letters.
Thousands of students are expected to receive letters this spring. But CFNC says most won’t understand what the letters mean or how to compare them from school to school.
CFNC has launched the Guide to Translating Financial Aid Award Letters campaign, explaining:
- Grants and Scholarships – Gift aid that does not need to be repaid.
- Student Loans – Financial aid that needs to be repaid with interest. Loans can come from the federal government, banks, private lenders, nonprofit organizations, and other financial institutions.
- Cost of Attendance (COA) – Includes tuition and fees, room and board, books, supplies, and other miscellaneous expenses to attend a specific school.
- Net price – COA minus any grants, scholarships, and work-study funds. This is the actual cost the student and family will pay for one year of college.
- Unmet Need – The amount left to be paid by the family after the student’s financial aid.
“We have some tools on CFNC.org, especially through our NC Assist Loan Guide to help students understand how to decipher between these financial award letters,” Brittany Privott with CFNC said. “They don’t typically have the same uniform language, so we want students to know that we have resources to help them understand what’s going to be the best fit for them.”
The guide can be found HERE.
