FAFSA Award Letter
What Is a FAFSA Award Letter?
An award letter is the documentation sent from a college or university to the student that subtleties how much financial support the student is eligible to receive. The award letter is sent following the student's submission of the Free Application for Federal Student Aid (FAFSA) and application to go to college or university.
A financial aid award letter makes sense of the total amount of monetary assistance a school will offer you to offset its costs.
Grasping FAFSA Award Letters
Award letters help families budget and plan for college expenses. The award letter frames the type and amount of all financial aid that is offered to the student, including awards (like Pell Grants and Federal Supplemental Educational Opportunity Grants), loans (for example, Stafford and Perkins Loans), scholarships, and any work-concentrate on qualification.
Except if generally determined, the award letter relates just to the impending school year. Endless supply of the award letter and concluding which school to join in, students must inform the chose school the amount of the award (financial aid) will be accepted.
Assuming you presented a FAFSA and were approved for financial aid, each school that accepted you will send you a financial aid award letter. While there's no standard format for these letters, each makes sense of how much financial assistance the school is offering you. You'll receive the letter electronically or through snail mail (or both).
As a general rule, each financial aid award letter makes sense of:
- The cost of attendance (COA). Your COA is an estimate of what you will pay for one year of school, including tuition and fees, room and board, books and supplies, and transportation.
- Your expected family contribution (EFC). The EFC is a number the school uses to decide how much financial aid you're eligible for. As a rule, the lower the EFC, the seriously funding you can get. Note that this isn't the amount of money your family is required to pay.
- Subtleties (and dollar amounts). These relate to whatever awards, scholarships, work-concentrate on programs, and loans the school is offering you.
Schools regularly convey financial aid award letters close to when they send their acceptance letters. In the event that you have inquiries regarding the timing, connect with the school's financial aid office
FAFSA and Financial Aid
Financial aid is money that assists you with paying for college or a career school. It can come as awards, scholarships, work-concentrate on programs, and loans. Assuming that you're starting to think about college, you've likely gone over the abbreviation FAFSA. It represents Free Application for Federal Student Aid — a form you really want to finish up to get any federal financial aid. Many states and colleges likewise utilize the FAFSA to decide if you'll get financial aid — and assuming this is the case, how much.
After you present your FAFSA — and contingent upon whether you meet all requirements for aid in light of the information you give — you'll receive a financial aid award letter from each school you list on it. Each letter makes sense of the federal and nonfederal financial aid options the school is offering you.
You're not committed to acknowledge the aid that is offered in your award package. You can compare your offers from various schools before you choose.
Whether you acknowledge or decline an offer, you want to answer the school to let it know your decision. Make certain to check each school's cutoff time, so you reply on time.
- There are four fundamental types of financial aid: awards, scholarships, work-concentrate on programs, and loans.
- Financial aid award letters detail how much financial assistance a school offers you.
- An award letter subtleties the FAFSA funding offered to a student.
- The Free Application for Federal Student Aid (FAFSA) is the online form you really want to submit to get any federal financial aid.