Granite Edvance

While each college includes different items on its bills, there are some general elements to look for.

(Feeling overwhelmed? We can help! Make a Comparing Financial Aid offers appointment with us to review everything in detail! Visit GraniteEdvance.org/Help to learn more!)

Tuition – this is the cost of the classes you are taking. Double-check that you’re being charged for the correct number of credits, and the correct type (in-state, out-of-state, online, etc.).

Fees – each college has various fees, and the amounts differ depending on the school and your program of study.

Housing and Meal Plan – if you are living on campus and/or have a meal plan, these are listed on your college bill. Sometimes they are listed separately, and other times they are listed together.

Loans, Scholarships, Grants (Financial Aid) – these are listed on the college bill and are subtracted from what you owe! Loans need to be paid back, while grants and scholarships don’t. Work study isn’t usually listed, since this is money you’ll earn throughout the semester rather than up front.

Amount Due – this is what you owe, minus your financial aid. Do you see a negative number? This means you may have a refund due to you. Check with your Financial Aid Office if you have questions! Do you owe money? There are a variety of options to cover this, including savings, outside scholarships, and private student loans.

Most undergraduate students will need a cosigner to take out a private student loan. If you’re thinking of cosigning a loan, here’s what to know:
👫 The cosigner is just as responsible for the debt as the student. Late payments or failure to make payments will affect your credit report, and you may become liable for the remaining debt on the student loan.
💸Some lenders offer “cosigner release” after a certain number of on-time payments, along with meeting income and credit requirements. Ask your lender if they offer cosigner release and what the requirements are.
📲 A good budget and good communication are key for borrowers and their cosigners. Talk to your student about how to budget for their student loan payments, and make sure your own budget can cover them if your student can’t pay.
❓Check out the Federal Trade Commission’s FAQs about being a cosigner: https://consumer.ftc.gov/articles/cosigning-loan-faqs
Looking for help taking out a loan or want to talk through your loan options? Call us at 855-887-5430, email us at [email protected], or visit GraniteEdvance.org/Help to make an appointment!