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Undergraduate Students and their Families
Understanding Financial Aid
Congratulations on your decision to further your education! Now all you need is a little help preparing for the financial demands of school by estimating the amount of your need, defining your options, and deciding the best way to go -- and for that, you can depend on Citizens Bank.
Take time to understand your financial aid options because the choices you make now matter later.
Step One -- Determine Your Educational Expenses
Estimate how much it costs to attend the school of your choice. Tuition, room and board are the primary items used when calculating total cost, but don't forget to include other expenses such as fees, books, supplies, special equipment, transportation and miscellaneous items. Our easy to read Give Yourself Credit SM materials for college students offers helpful tips in areas students often need financial guidance such as: student loans, credit cards, general banking and establishing good credit.
Step Two -- Figure out Your Financial Need
To apply for the Federal Stafford Loan, a program of the U.S. Department of Education, you must first complete a government-required form called the Free Application for Federal Student Aid, or FAFSA. You may fill out a FAFSA online. Check with the financial aid offices of the schools you're interested in to see if they require additional paperwork.
Completing and submitting the FAFSA generates what's called a Student Aid Report. When you fill out the FAFSA, you can list some of the schools that you are interested in. A copy of your SAR will then automatically be sent to those colleges' financial aid offices. The SAR shows your family's Expected Family Contribution, which is the amount of money the government determines your family will be expected to contribute towards your education. This assists the Financial Aid Offices of schools in determining your financial aid award.
Step Three -- Plan How to Meet Your Need
College or University Financial Aid Offices send you an Award Letter listing the amount of financial aid for which you are eligible, enabling you to determine the remaining costs. The Award Letter also lists aid programs for which you are eligible, including:
Step Four -- Fill in the Gaps of the Remaining Costs
The amount you are expected to contribute toward your education depends on your individual or financial situation. But your college may not be able to meet your additional financial needs due to individual school guidelines, funding restrictions, or time constraints.
Some colleges offer tuition payment plans that allow you to spread an academic year's tuition over several monthly payments. Ask your school's Financial Aid Office about all the options that are available.
To help cover remaining costs after you have borrowed the maximum amount allotted for the Federal Stafford Loan, Citizens Bank offers a variety of credit-based loan options. The Affordable PLUS Loan is available to all parents of dependent, undergraduate students and graduate student borrowers, has competitive interest rates and no annual borrowing limits.
Additionally, Citizens Bank offers the Signature Student Loan product designed to fill any gap between the total cost of an education and financial aid awarded. This loan is made available through a partnership with Sallie Mae offering low interest rates and high aggregate loan limits. The loan is in the student's name, usually with a qualified cosigner, paid directly to the school and has flexible repayment options. This lets undergraduate students share responsibility for tuition payments and develop strong credit histories.
Step Five -- Get "Entrance Counseling" When You Arrive On Campus
If you borrowed federal loans, one of the first things you'll need to do when you arrive at school is complete what's called Student Loan Entrance Counseling. This is a federal requirement and provides you with a loan overview explaining your borrower rights, responsibilities, and consequences of delinquency and default. Your school's Financial Aid Office schedules in-person sessions, or you can ask about the possibly of completing this requirement online. When you graduate, or if you leave school or drop below half-time, you will be required to complete Exit Counseling, which reviews similar materials.
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Citizens Bank is a brand name of RBS Citizens, N.A. and Citizens Bank of Pennsylvania. Citizens Bank is a division of RBS Citizens, N.A. and Citizens Bank accounts and other RBS Citizens, N.A. accounts are not separately insured by the FDIC. Citizens Bank of Pennsylvania is not part of RBS Citizens, N.A.
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