Accepting Financial Aid 
First , accept the financial aid funds you don t have to pay back. When your school financial aid office sends you an aid offer , they ll ask you to indicate which financial aid you want. Look carefully at your options and make an informed decision. 

Choosing the Best Financial Aid to Accept 
Keep the following in mind when you get an aid offer and are deciding which aid is the best to accept : Free money first e.g., scholarships, grants Earned money second e.g., work - study Borrowed money last e.g., federal student loans Start from the top of this table and work your way down : Many schools also offer tuition payment plans a monthly interest - free payment toward tuition. This type of plan may help reduce the amount you need to take out in loans. Ask your financial aid office if such a plan is available. 

Deciding Which Student Loans to Accept 
If you must accept loans , accept the ones with the most favorable terms and conditions. Usually , that means choosing the federal student loans offered to you. If you are considering getting a state loan, school loan, or private student loan , you should learn about the differences between federal and other loans. If you have any questions or don t understand what types of loans are in your aid offer , contact the school. Make sure you understand what you re accepting and the repayment terms. Borrow only what you need! If your living expenses are not going to be as high as the amount estimated by your school , you have the right to turn down the loan or to request a lower loan amount. In the aid offer , your school will tell you how to do this. To determine how much loan money to accept, make a list of your college and living expenses and the resources you ll have available to pay them ; in other words, make a budget to help ensure you borrow only what you need. Remember: If you don t accept the full amount of the loan you re eligible for , you can increase the amount later. 

Informing Your Sc

user: How do I go about accepting Student financial aid?

assistant: The process begins with you accepting the funding that you don't have to pay back

assistant: Has your school sent you any correspondence in relation to an aid offer?

user: No, I haven't received anything from my school in this regard

user: Is there any help you can give me in making an effective budget regarding borrowings that I will need for my education?

assistant: Yes, we have advice on budgets available to all applicants

user: What if I discover that my living expenses are not going to be as high as has been estimated by my school, do I have to accept all the loan that has been given to me?

assistant: You are entitled to turn down any loan that is provided or even to request a lower amount of borrowing. Your school will be able to help you with this query, should it arise

user: Do schools have specific financial plans in place for students that re attending the school? 

assistant: Yes, a lot of schools have tuition payment plans, these are monthly interest-free payments towards tuition. These plans can help in reducing the amount of borrowing you need. The financial aid office in your school will have more details