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Caroline

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If you're a high school senior, Decision Day is almost here. You're getting to the point where you should be receiving your award letters  from colleges.

If you haven't already decided on a school, these award letters are probably a big part of what you've been waiting for. For many students, school choice comes down to the financial aid package.

So what can you expect? Your award letter typically will list the Cost of Attendance (COA), the federal aid you're eligible for (grants, work-study, and student loans), and your Expected Family Contribution (EFC).

Review your award letters carefully, considering these important points  to be sure you understand the aid that's being granted and what your final costs will be.

The link above lists some key questions to ask, such as:

• Does the Cost of Attendance include all projected costs?
• How do non-institutional scholarships affect you award amount?
• Does the aid package likely cover the same expenses every year?

When it comes to award letters, they're not all written in the same format, so here's a cool tool  to help you compare apples to apples. Don't be afraid to contact the school to get all your questions answered.

Are you waiting for an award letter before deciding on a school?

Caroline

You're probably starting school soon, if you haven't already. So let us know how your funding came together for fall semester.

How are you paying for school?  Scholarships, loans, grants, Work-Study?  All of the above?

Did you hit any bumps on the road in figuring out your financing? Got any questions?

Let us know how it went!

Caroline

I know, I know, you thought school was out for summer , right? Well the other night, my stepdaughter called me with some basic questions about her credit card, and it got me thinking that there are probably lots of college students out there who don't know the details about their credit cards  either.

Can you answer the following questions about your credit card?

1. What is your credit card balance right now?

2. What is the interest rate on your card? (not the introductory rate  that lasted a few short months after you got the card, but the actual rate you pay if you carry a balance currently)

3. What is the fee if you make a late payment?

If you can't answer these questions off the top of your head, it's time to get more familiar with your credit card — what you don't know can hurt you when it comes to credit! So, dig out that credit card bill and take a close look at it.

Got any questions about what things mean? Ask us!

Barbara

We've talked before about what to do once you've completed the FAFSA. Have your received your award packages (the next step) from your colleges yet?

If so, I bet many of your schools gave you a chance for some "free money" — that is, money you don't have to repay after you leave school, like grants and scholarships. Or you may have found the chance to earn some funds for school through the Federal Work-Study program .

Out of curiosity, I checked the possibilities  at my alma mater . Lots of options for many different interests! Have you thought about what type of work you may be interested in?

While I myself did not have a work-study position while in college, several of my friends (a lot of English majors) had jobs at USD's Writing Center . They were able to find a work-study position that was applicable to their major. (Our own Ms. Schiller scored a similar job during her collegiate years.)

For those of you who’ve already completed work-study jobs, where did you work?

Staci

This week I'm in our nation's capital—Washington, D.C.—attending the National Association of Financial Aid Administrators  conference.

It's unbearably hot and humid. The weather is triggering memories of the two Julys I lived here—when I'd walk the four blocks to my Capitol office in shorts and a T-shirt and change into hosiery and a suit after I arrived, drenched in sweat; when there was a brownout in my northeastern D.C. neighborhood and I sweltered through a sleepless, 100-degree night without air conditioning; when my friends and I would drive to Rehoboth Beach  in the middle of a weekend afternoon just to get some relief from the heat.

When I was much, much younger.

On Sunday afternoon I attended a seminar on the legislative and regulatory changes happening in the student loan industry. Here at the conference, it's a topic as hot as it is outside.

I've mentioned before that lately there's been a lot of media attention given to inappropriate relationships between some financial aid directors and some student loan lenders. But the operative word is some. The majority of those who work in financial aid aren't in it for money or glory. In their profession, there isn't much of either to be had. Rather, financial aid counselors, directors and administrators are doing this work for one reason: to help students and families pay for college educations. And it's complicated, stressful work.

So I'd ask this: Instead of believing all the negative stuff you see in the media about financial aid professionals, give 'em the benefit of the doubt. When you enter their offices, don't automatically be skeptical about their motives or intentions. Remember that they have knowledge to share, experience upon which to draw, and compassion beyond compare.

If they didn't, they wouldn't do what they do. And they certainly wouldn't be sweating it out here at the conference, trying to learn new information about how to help families navigate the choppy waters of financial aid. They really are good nuts, here to help. Let them.

Caroline

Since July 4th is tomorrow, let's talk about another kind of "Independence Day"—the financial type.

I've always liked feeling financially independent. I had a paper route  as a kid and relished having my own money for movies, candy and Ms. Pac-Man . I worked as a grocery checker  in high school, spending my cash on clothes and other extras I wanted for myself.

In college, I was able to pay my own way through school with a combination of grants , scholarships, student loans, work-study  and regular jobs. And after college, I was soon on my own and paying all my own bills from cable to car insurance.

But I distinctly remember the day I felt truly financially independent. I was 29 years old and had just purchased my first car without consulting my parents in any way, shape or form. Finding that little Mazda  all on my own and securing the financing was a little scary, but it felt great. I'd crossed that final bridge to true financial independence. Light the sparklers!

Got any stories to share about your own Financial Independence Day?