Your Award Letter

Colleges may offer aid applicants a combination of aid types, including grants, scholarships, and federal loans. The offer of financial aid will come in the form of an award letter.

The financial aid offered in award letters may be different for each school to which you apply. Don't automatically assume that a less expensive school will cost you less money.

Look very carefully at your award letters:

Question 1: What percentage of the award is "free" money?

Question 2: Are there any gaps in my college funding?

Question 3: What should I do about those gaps?

Helpful Tips

Related Information

Calculators

Online Resources

Test Your Knowledge

Which school will be more expensive for you if your expected family contribution is $5,000? One that costs:

  1. $8,000 per year
  2. $24,000 per year

There is no difference… you will be asked to contribute $5,000 at both schools. Although the second school may seem more expensive, you will be eligible for more aid, since the cost of attendance is greater.