Once
you have been admitted to a school, their financial aid office
will create a financial aid package(aka award letter) for
you to help meet your financial need for the academic school
year. The award letter is sometimes called an aid "package"
because it may include both self-help (i.e. loans and employment)
and gift aid (i.e. scholarships and grants). The award letters
are sent soon after admission letters are mailed to first-year
and transfer applicants, usually around March or April.
Your financial aid packages will indicate your estimated
Coat of Attendance, Expected Family Contribution, Terms
and Conditions, and the types of financial aid and amounts
you have been awarded. Many colleges and universities also
offer additional scholarships and grants to college freshman
and sophomores and then add on more student loans later
in their college career. Students with lower financial needs
are typically offered self-help aid. Students with greater
financial needs are typically offered a combination of self-help
and gift aid.
Each school’s financial aid package may be different
in the award amount, type of aid, and sources used. You will
receive different levels of financial aid based on your individual
circumstances such as: your EFC, demonstrated financial need,
dependent or independent status, enrollment status (full or
part-time), whether or not you will attend school for a full
academic year or less, the school’s financial aid policies,
and availability of funds.
Most financial aid awards are based on the assumptions that
you will enroll as a full-time student for both semesters.
If you enroll as a part-time student, some of your financial
aid awards may be reduced or cancelled. All of these variables
will affect your financial aid package.
| Your financial aid package
will typically include aid from a combination of sources
and programs such as: |
| 1. |
Scholarships and
Grants (Gift Aid)
Sources: Federal and State government, Institutional,
Private Foundations, Organizations, Employers, etc. |
| 2. |
Loans (Self-Help Aid)
Sources: Federal and State government, Institutional,
Employers, Private Lenders, etc. |
| 3. |
Work-Study (Self-Help
Aid)
Sources: Federal and State government, and Institutions
|
The award letter is generally broken down by semester. When
you receive your financial aid package, read the instructions
carefully to make sure that you understand all the terms and
conditions to decide if you want to accept all, parts, or
none of the financial aid offered. You do not have to accept
all parts of the financial aid listed on your award letter.
However, if you decline some parts of the financial aid awarded
to you (i.e. work-study or loan), the school will not replace
it with a scholarship or grant.
Generally, the financial aid office has already awarded you
the maximum amount possible. If you have any questions about
your financial aid package, contact the school’s financial
aid office. Be sure to have all of your questions answered,
before declining any parts of your financial aid package.
Additional forms (i.e. loan applications) may be included
with your financial aid package. If additional forms are
included, be sure to complete all of the forms as necessary).
If the school requests additional documentation, provide
them as soon as possible. Your application may be considered
incomplete, if the financial aid office does not received
the requested documents. Failure to submit or complete these
forms correctly will cause a delay in the processing of
your financial aid, and possibly result in receiving reduced
aid.
Read additional topics regarding your financial
aid package:
• Deadline
Date
• Unmet
Need
• Special/Unusual
Circumstances
