Federal Aid First
Hello All,
If you feel that loans will need to be part of the equation to help you pay for college, then you’re not alone. Most college students, whether attending state or private schools, will need to borrow money at some point during their college career.
The Department of Education recognizes this fact, and has created a simple yet comprehensive guide designed to hammer home one important point when taking out loans to pay for school- use federal aid first. Check it out to learn the benefits of federal loans and how they differ from private loans.
For even more federal financial aid information, visit www.federalstudentaid.ed.gov.
4 Comments
Hello Jean!
I have spoken with our Loan Counselor here at Lynn, Patty Burke, and neither of us have ever heard the term “audit fee” in reference to a student loan.
You may, however, be associating that term with what’s called an origination fee, which is an initial fee that lenders sometimes charge to process loan funds. This fee, as the name suggests, occurs only once at the time of origination, and could thus indeed be accurately described as infrequent.
Origination fees are not regulated by the government, so they can vary from lender to lender, typically anywhere from 0% to 4%. Again though, these fees are charged at the time the loan is originated, or created, and are not based on the type or number of classes a student is taking.
I think Jean may be referring to the Audit Fee listed on our Costs page.
http://www.lynn.edu/getting-started/cost-and-aid/costs/day-undergraduate
Anthony, I think you are correct! Thank you for clearing this up for me.
Jean, I do apologize for mis-interpreting the meaning behind your question. To address your concern, yes, the audit fee is an infrequent fee charged to a person who would like to sit in a class without actually taking the course and receiving credit for it. So, if you take one course in this manner, then you would be charged one, flat fee of $650.
Jean 3/21/09 3:41 pm
Are the audit fees in addition to each class or is that just an infrequent fee?