WHAT TO LOOK FOR IN A FINANCIAL AID AWARD LETTER Look at the “bottom line” - your “net cost” - to attend each institution. Don’t be dazzled by the amount of money a particular college offers — focus on how much you have to pay. A $5,000 award may cover your need completely at one school, while a $10,000 award at another could leave you short. (Ideally, you will already have a rough sense of what the costs might be from using the Net Price Calculator at each institution.) Look at the combination of awards in each financial aid package. Your aid offer will probably include a mix of several types and sources of aid — “gift aid” (grants and scholarships that do not have to be repaid) and “self-help aid” (jobs a school offers you so you can earn part of your award), and/or loans that must be repaid. Look for special conditions or requirements stated in the financial aid package. For example, many institutions require merit scholarship recipients to maintain a certain grade point average before their award is renewed. Other institutions may require continued enrollment in a particular academic program. In a few instances, colleges may offer a good first-year package but not guarantee a similar package in subsequent years. In general, it is good practice to review your aid prospects for the full tenure of your matriculation with a financial aid officer at the school. Once you choose a school and have been awarded financial aid, follow the instructions in your award letter. You may be asked to provide more information or select a lender for a student or parent loan. Complete any forms that come with the award letter, sign the letter, and return it by the due date. Be sure to notify the other schools that accepted you that you will not attend, so any funds you may have been awarded can be given to students who will attend.
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