Award Letters
After colleges finish their verification of financial information, they will begin the process of issuing financial aid award letters to all chosen candidates. This includes many private colleges. Private colleges often provide tuition discounts to reward good students from high-income families.
In order to receive an award letter, the student must apply and be accepted by the deadline that particular college elected. Students should apply to at least 5-10 colleges to ensure their acceptance. Once the student receives an award letter, the family should compare the financial aid package from each college. Do not only look at the total amount, but do a bottom-line analysis of the net out-of-pocket cost of attending each school. Different schools, for example, may have different costs for room and board.
You may also receive an award from a second-choice school that is more generous than the one from your first-choice school.
Once you receive your award letter, you can do several things if you want to try to improve your aid package:
Understand each of the items – A statement shows your cost of college (tuition, fees, room and board, books, personal expenses, etc.). Your family expected financial contribution (EFC), based on information you provided on the FAFSA or CSS PROFILE. Your family’s need (the cost of college minus your EFC). A listing of each aid source and dollar amount. A date by which you must return the award letter. Information on “appealing” any detail in the award letter. Compare Schools’ Packages – Next, compare your student aid packages. They can be different as night and day. Consider not only the amount you have to pay out of your pocket now, but also how much you’ll eventually have to repay (the loan amount) in the future. Respond to the Award Letter – Don’t delay in responding to this award letter just because you’re still waiting to hear from other schools. If you don’t reply on time, the aid package can be revoked. Accepting an award letter does not commit you to attending the school; it just guarantees your award. In responding, you have three choices–you can accept the award in its entirety, you can accept some components and reject others, or you can reject the offer entirely and request a revision package.