Are financial aid package and financial aid award letter the same?

What can a financial aid package be called?

A school aid offer (sometimes called an award letter) tells you what financial aid you can receive at a particular college or career school.

Is financial aid considered an award?

Once a college admits you—and crunches the numbers you provided on your financial aid applications—it will offer you a “financial aid package” (sometimes called an award). In this package are different types of aid intended to meet all or part of your financial need for one academic year.

What happens after you receive your financial aid award letter?

After you receive the award letter, you may be asked to return a signed copy of the letter in which you accept or reject each source of financial aid. The college will not increase other aid to compensate if you reject part of the financial aid package, such as loans.

When should I expect my financial aid award letter?

Typically, award letters will begin to arrive in March or April after you’ve received an accepted decision. The award letter will come around the same time as acceptance letters from your schools, typically around March or April.

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How do I check my financial aid award?

Your FAFSA status can be found on the “My FAFSA” page, which displays immediately after you log in if you have already started or completed a FAFSA form. To check on the status of financial aid being disbursed to you or your account, check with the financial aid office at your college or career school.

How financial aid is awarded?

The financial aid staff starts by deciding upon your cost of attendance (COA) at that school. They then consider your Expected Family Contribution (EFC). They subtract your EFC from your COA to determine the amount of your financial need and therefore how much need-based aid you can get.

What is average financial aid package?

Average and maximum financial aid

Type of Aid Average Amount
Federal Pell Grant $4,310
Federal Direct Stafford Loan $5,800 (dependent) $7,630 (independent)
Federal Work-Study $2,340
Federal Supplemental Educational Opportunity Grant $670

How do I get my financial aid package?

You should contact the financial aid office at the college you plan to attend for information about applying for aid at that college. After you have completed the college’s application requirements and the college has determined your eligibility, the college will create a financial aid award letter for you.

What does Award Amount mean in financial aid?

A financial aid award letter explains the total amount of monetary assistance that a school will offer you to offset its costs. You’ll receive these letters shortly after you get your college acceptance letters.

Can I go back and accept more financial aid?

You can reinstate your loan. Your school’s financial aid office gives you the chance to decline any portion of your financial aid award that you do not want. … If, at a later time, you realize that you need the unsubsidized loan after all, you can reinstate it in most cases.

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What is award year financial aid?

The award year begins with the fall term and ends with the summer term. … In this case, the student is awarded for Fall only. If students enroll for summer, their eligibility for aid for summer will automatically be calculated. Loans: There is an annual and aggregate limit to the amount of loans a student may borrow.