by Tori Morrison

Created on: February 23, 2010

Financial aid offers may seem easy enough to understand, but the truth is that financial aid goes beyond the numbers. Students often overlook requirements that come attached to some of the money, such as a specific GPA. If you find yourself staring at several financial aid offers and are curious as to which is best, go through the following tips:

Breakdown the Money

The first thing you need to look at is what type of aid you received. Financial aid comes in the form of grants, loans, scholarships and work study. Grants and scholarships do not have to be paid back, while loans will eventually have to be paid off. Work study is the amount of money the government is willing to give you to work at an on-campus job. Although the money is factored into your financial aid package, it is not actually included with the money. Here is what you need to know about work study aid:

*You must get a job to obtain the money- Work study jobs are offered on your college campus, but often only pay minimum wage. Also, there are only a specified number of available positions, so students must apply early in order to get a job. Keep in mind that you may only receive a few hours a week, so do not expect the pay to be big.

*The money goes to you, not the school- If you land a work study position, you will receive a pay check just like at a regular job. Whether you choose to use the money to pay for school or for other expenses is up to you.

Read the Details of Each Award

Academic scholarships often require students to maintain a minimum GPA. Depending on the amount of your award, you may have to receive anywhere from a 3.0 to 3.5 GPA each semester or year in order to keep your aid. Also, you may have to complete a minimum number of credit hours each year. Most schools require students with financial aid to maintain a full-time status, which is anywhere between 12 to 15 credit hours each semester.

Keep in mind that some financial aid is renewable, and some is not. Scholarships may be dispersed only once, depending on the terms of the award. Check with each school’s financial aid office to ensure that you are up-to-date on all the terms and conditions of each award you have been offered.

Find Out the Actual Cost of College

Once you have broken down each of your financial aid offers, take the time to calculate your college expenses. Be sure to include tuition, housing, dining, books and any additional fees you must pay. Once you have done so, add up the total of your scholarships

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