Plan For College

Thursday, February 8, 2018

NEW POST: Financial Aid Award Letters

How to Read Financial Aid Award Letters

Congratulations! You received financial aid letters from colleges.  You worked hard to get this money, but do you know what all the dollar signs mean?

After you submit your Free Application for Federal Student Aid (FAFSA), you’ll receive an award letter in the mail from each school you have been accepted to. Your letters will outline how much the school will cost and what kind of financial aid package you will receive. 

>> BUT Not all financial aid award letters look the same.

Below are some points to consider:
  • There are big differences between a federal loan, school aid, gift aid, scholarship, award and grant money.
  • Are you sure you understand what money you must pay back?
  • You do not have to accept all the financial aid from your award letter. 

We recommend that you first consider accepting gift money such as scholarships and grants that you do not have to pay back.  Also, earned money (work-study) is always good and does not have to be paid back.  Lastly, consider borrowed money (federal student loans) that you do have to repay.

Once you decide which financial aid package you wish to accept, you will need to respond within the deadline set by the school. If you wait, another student gets that money!

College Planning Group reads hundreds of award letters each year and will help you decide what is right for you.

Hope this helps!

The College Planning Group
Canton MA     800-985-8569