Parents and students often find it difficult to understand the financial aid award letters they receive from each college. PayForED has developed a new program called “Decoding the Financial Aid Award Letter.” It is a series of blog articles, videos and webinars starting in January and will run through May. Our program will review the different aspects of the award letter. We believe the best way to solve the student debt problem is to avoid the event from happening. This begins with an informed and better decision. Our company mission is to prevent and solve the student debt crisis.
The launch of our new PayForED App gives families the tool needed to compare the college award letters easily. It simplifies and standardizes the analysis for families with our customized four-year analysis. Our method helps families find affordable colleges and avoid excessive student debt.
Need for Financial Aid Transparency
New America and uAspire released an interesting study in June, 2018 in which they reported that families are facing difficulties understanding the details of their financial aid award letter and the how the colleges communicate their costs. The study reviewed over 11 thousand award letters from over 910 unique colleges. The results confirmed the lack of financial transparency in the college decision process and how confusing it is for families.
The Department of Education has been trying to get colleges to use a standard award letter format for year without much success. This lack of financial aid transparency and literacy is a driving force for our Decoding the Financial Award Letter Program.
Financial Aid Award Letter Webinar
PayForED will be hosting a webinar titled, “Decoding the Financial Aid Award Letter” so families can better understand the details found on their financial aid award letters such as need based aid, merit aid and student loans. The college selection is one of the most important decisions made by parents and students. Breaking down the award letter and understanding merit aid versus need aid is critical. This program provides insights that go beyond the financial aid process and helps families understand and compare their award letters.
Listed below are just a few items that we will cover in the upcoming webinar:
- Analyze the college financial aid award letter and the terminology
- Learn and apply for student loans and financing options
- Ways to have the money discussion with your child
- Appealing the Financial Aid Award Letter
- Structuring the student loans the best way
- Other cost saving strategies
The presenter is Fred Amrein, a recognized expert in financial aid, college funding and student loans. Fred brings the personal financial expertise to the college financial decisions. His company developed the PayForED App, a college financial software tool which allows families to easily view a side by side comparison of their actual award letters. Our PayForED App projects the total net cost of college and debt at graduation so parents and students can make informed decisions.
Click here to sign up for our free webinar. The Award letter webinar has been scheduled for two dates. See below for the dates and time:
Wednesday, 3/27/19 @ 8 PM EST
With student debt reaching over 1.5 trillion dollars and affecting over 44 million people, we need to change the current approach to this important decision. These important decisions will affect the financial future for both parents and students. Get independent and objective information from a trusted resource so you can make an informed decision.