Award letters
How to read award letters
Financial aid award letters tell you exactly how much financial support the school is able to provide for the upcoming year.
The most common sources of financial support
Scholarships: Money that does not have to be repaid
Any scholarships you’ve notified the school about, as well as those the school has awarded to you, will be listed in an award letter.
Grants: Money that does not have to be repaid
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Institutional grants
- State-sponsored grants
Federal Work-Study: Money earned by working
- On-campus (for the school)
- Off-campus (for a private nonprofit organization or a public agency)
Student loans: Borrowed money that must be repaid
- Federal Stafford Loan subsidized
- Federal Stafford Loan unsubsidized
- Federal PLUS loans
- Federal Perkins Loan
- State student loan programs
- Private student loan programs
- Other student loan programs
Other things to consider
- Read the award letter carefully to be sure you understand all terms and conditions so you can decide if you want to accept any, or all, of the aid offered.
- Look for instructions for the next steps. You may need to complete additional paperwork such as student loan applications.
- Determine if grants or scholarships are available for more than one year. If so, what conditions apply? If not, are any options listed for the following years?
- Remember, unless otherwise stated, that this letter applies only to the upcoming school year.
Report changes
After filing the FAFSA, any changes in financial or family circumstances must be reported to the school. Additional outside sources of financial aid, parental unemployment or illness, or change in enrollment or family status could affect the award. Even name and address changes must be reported.
Accepting the award
Once you've chosen your school, you should inform the school in writing how much of the award you plan to accept. If you don't respond by the date indicated, your award could be in jeopardy.
Sample award letter
|
ABC UNIVERSITY
Office of Student Financial Aid
Financial Aid Award
|
Joan A. Student |
March 22, 2009 |
|
101 College Bound Way |
Award Year: 2009–2010 |
|
Reading, WA 20000 |
SSN: 123-45-6789 |
Dear Student:
After reviewing your FAFSA, we are pleased to provide you with the following financial aid offer. This award is contingent upon anticipated annual renewal of funding from federal, state, and private sources. You may accept or decline any of the awards offered.
|
Projected cost of education |
$15,000 |
|
Expected Family Contribution |
– $3,000 |
|
Total financial need |
$12,000 |
|
Type of Aid |
Fall |
Spring |
Total |
Accept |
Decline |
|
Pell Grant |
$600 |
$600 |
$1,200 |
( ) |
( ) |
|
FSEOG |
$800 |
$800 |
$1,600 |
( ) |
( ) |
|
ABC University Grant |
$1,000 |
$1,000 |
$2,000 |
( ) |
( ) |
|
Work-Study |
$700 |
$700 |
$1,400 |
( ) |
( ) |
|
Perkins Loan |
$600 |
$600 |
$1,200 |
( ) |
( ) |
|
Stafford Loan |
$1,300 |
$1,300 |
$2,600 |
( ) |
( ) |
|
|
|
|
|
|
|
|
|
$5,000 |
$5,000 |
$10,000 |
|
|
|
|
|
|
|
|
|
Please sign this letter and return it to the financial aid office within two weeks. Read the enclosed information on how to accept and receive the Federal Stafford Loan. If you need additional funding to supplement this offer, please refer to the attachment for information on other funding options.
Signature
|