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A Financial Aid Award letters is what is sent to the student once a college or university decides on how much financial aid the student qualifies for. This award is presented to the student in the form of grants, scholarships, loans, and work study.

Many students use this award letter to make a decision on what school to attend for the next four years. It is best to take all the information and compare each award.

Here are some critical points when reviewing award letters.

-The award letter states the total cost of attendance at each school. Compare all costs such as tuition, room & board, transportation, and books. Decide on what is REALLY the total cost of education of each school.

-Is there an unmet need? Or is your need met 100%? If need has been met there is a good chance that the school may have filled in gap with a loan which is something that is not free and needs to be paid back.

-Is the award based on scholastic achievement or talent? Ask if the award is renewable year after year.

-What happens to the award if you receive outside scholarships?

If you have been accepted by several schools don’t rush in signing the first award letter you receive. When you do select a college and financial aid award letter, you need to notify the school’s Financial Aid Office and accept their offer.

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