If you’re applying to college for the first time (or helping your student apply), you may be overwhelmed by the financial aid process. After you fill out the FAFSA and are accepted for enrollment at your chosen universities, schools will use the information to determine your (or your student’s) eligibility for various types of financial aid provided by the government, from your state, or from the individual school. You’ll be able to view eligibility for grants, scholarships, and even work study opportunities.

Your award letter is extremely important, as you’ll also be able to further understand if you will need additional aid to cover education costs, such as private student loans. Use the infographic below from Citizens Bank to understand what a sample financial aid award letter looks like and how to break down what each section means.

decipher-financial-aid-award-letter

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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DINK's Free
Budget Template
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DINK's Free
Net Worth Template

Couples Finance

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