Reading Your Award Letter
What is an Award Letter?
Your award letter will detail all of the types of financial aid being offered to you along with the amount of each award. You should receive a financial aid award letter every year from your school, provided you have completed the FAFSA. If you are a high school senior, you should receive award letters from all the colleges that you applied to and included on your FAFSA.
Reading Your Award Letter
It’s important that you understand the types of financial aid outlined in your award letter – you wouldn’t want to accidentally turn down free money for college! You may receive financial aid from a variety of sources, including the federal and state government. You may also have received additional financial aid from your school through their own scholarship/ grant funds. Here are the most common types of financial aid that might show up on your award letter:
Make sure you research each type of financial aid shown on your award letter. You are not required to accept any of the financial aid given to you, but don’t turn down any free money like scholarships and grants! It’s your decision whether to apply for student loans to finance your college education.
Your school will likely provide instructions on how to accept or decline the financial aid outlined in your award letter. Make sure you read carefully the instructions provided by your school.
Financial Aid Beyond the Award Letter
Your award letter will typically provide enough financial aid to cover your financial need. You and your family will need to fill in the gap between the financial aid shown on your award letter, and the total cost of attendance at your school. If you don’t have enough cash or savings to cover all of the expenses, you might want to explore the Federal PLUS Loan or private student loans to finance the remainder of your education.