Potential Magazine Fall 2016 | Page 40

Work Study Work study opportunities are awarded based on need and provide federal funding in exchange for work. Most offices on campus have openings, so it should be easy for students to find a job in an area that interests them. Students receive a paycheck to help with tuition and occasionally have time to study at work. After you are accepted to a college, you’ll receive an award letter detailing what kind of financial aid you can receive. Remember, this includes grants, work study and student loans. The letter should explain how to accept and decline funds from your school. Follow the steps and don’t be pressured into taking on debt. If you’ve already accepted loans, don’t panic! You’ve got 120 days from the start of the fall semester to cancel your federal loan without being charged interest or fees. Of course it’s best to cancel the loan now, before you’ve actually got a check in hand. We hope it’s a little clearer now—and a little less stressful. This process takes time, but the payoff is so worth it. Your child will graduate without the weight of student loan debt. And that’s something 71% of today’s graduates can’t say. Fall 2016 Loans are not free money. Taking out a student loan means going into debt, with repayment typically beginning just six months after a student graduates or stops attending college. That’s right—some students pay for a degree without the benefit of actually having one. There are two main types of loans a student will be offered: subsidized and unsubsidized. On subsidized loans, the government pays the interest while a student is in school. On unsubsidized loans, the interest accrues and is included in the cost when repayment begins. Award Lett