When your child receives offers from colleges, be aware of the terms of any financial aid offers and make sure your child does as well.
In the case of federal, state and many institutional aid programs, your child is required to reapply each year.
Nearly every scholarship also carries with it an obligation to carry a minimum course load and to maintain a minimum grade point average (GPA).
It's important to read all financial aid documents carefully and understand their terms and conditions. The same goes for loans. You need to consider the terms of any loan—both the interest rate and when repayment is to begin. Make sure you and your child understand everything before signing any documents.
If you have questions, ask a financial aid officer at the college.