Truth: It’s easy to get caught up in the excitement that you have qualified for financial aid at the college of your choice. Keep in mind you still have many options to choose from within the letter. It makes sense to take a careful look at exactly what is being offered.  

Take Your Time

While you should keep in mind the acceptance deadline, you need to sit down with your family to ensure you understand exactly what is being offered before you accept the terms. In some cases, you may feel that you haven’t had enough time to review the package before the deadline. Some schools will extend their acceptance deadlines. You will just have to ask for an extension.  

Realize You Have Options

Next, keep in mind that you do have options once you receive notification. You can accept the total amount awarded, you can claim a portion of the financial aid or you can choose not to accept any of the financial aid that’s offered. In fact, your financial aid package may include a variety of different types of financial aid sources.

Your letter may be broken down and awarded in areas like:

• Scholarships
• Grants
• Work/Study programs
• Loans

Here’s an example of what your letter may look like.

FAQs about FAFSA

While looking over your letter, some questions might arise. Use these helpful tools as you begin your review. 

The total amount awarded to me is less than I need.

According to an article that was published by The Wall Street Journal,

“If you get less aid than you need, you do have other options. The government sets strict formulas for the distribution of federal student aid, but also allows aid officers latitude in assessing special circumstances.” 

Check out this blog post from My College Options that discusses other ways to get more money for college.

There’s a ton of information within the letter. How do I make sense of it all?

Learn more about what your award letter may include and how to understand the information it provides. 
 

I received multiple letters. Now what do I do?

If you have received multiple financial aid rewards at different colleges, here’s a tool to compare and see which makes the most sense from a financial perspective.

Truth: It’s easy to get caught up in the excitement that you have qualified for financial aid at the college of your choice. Keep in mind you still have many options to choose from within the letter. It makes sense to take a careful look at exactly what is being offered.  

Take Your Time

While you should keep in mind the acceptance deadline, you need to sit down with your family to ensure you understand exactly what is being offered before you accept the terms. In some cases, you may feel that you haven’t had enough time to review the package before the deadline. Some schools will extend their acceptance deadlines. You will just have to ask for an extension.  

Realize You Have Options

Next, keep in mind that you do have options once you receive notification. You can accept the total amount awarded, you can claim a portion of the financial aid or you can choose not to accept any of the financial aid that’s offered. In fact, your financial aid package may include a variety of different types of financial aid sources.

Your letter may be broken down and awarded in areas like:

• Scholarships

• Grants

• Work/Study programs

• Loans

Here’s an example of what your letter may look like.

While looking over your letter, some questions might arise. Use these helpful tools as you begin your review: 

Q. The total amount awarded to me is less than I need. What can I do?

According to an article that was published in The Wall Street Journal:

“If you get less aid than you need, you do have other options. The government sets strict formulas for the distribution of federal student aid, but also allows aid officers latitude in assessing special circumstances.” 

Check out this blog post from My College Options that discusses other ways to get more money for college.

Q. There’s a ton of information within the letter. How do I make sense of it all?

Learn more about what your award letter may include and how to understand the information it provides.

Q. I received multiple letters. Now what do I do?

If you have received multiple financial aid rewards at different colleges, here’s a comparison tool see which makes the most sense from a financial perspective.

If you are an avid My College Options^® reader, you've heard us mention the FAFSA application process over and over again. There's a good reason for that: Beyond academic and extracurricular accomplishments,college financial aid centers around the FAFSA application.

Because we are committed to getting you through the college admissions process, we are going to do a weekly guide with every reason we can think of to get you through the financial aid process. Remember, getting accepted is great, but enrolling and being able to afford to attend is even better!

FAFSA Rule One: Get your family to file their 2008 taxes now!

You can't complete the FAFSA until you have last year's income tax returns in hand. Remember, FAFSA is "first come; first serve"- so your next click needs to be the FAFSA website

According to a recent article entitled "Don't Be Afraid of FAFSA",competition for government and college-funded financial aid is expected to rise given the recent economic downturn. Your future college and the federal government use the information in the Student Aid Report (generated by your completed FAFSA application) to determine how much your family is able to contribute and how much aid that they can provide to help bridge the financial gap.

So here is my advice for the week:

   1. Print off the FAFSA required document checklist: 

   2.Run, don't walk! Take the checklist to your parents or family member who supports you financially and set a date for when you are going to work through the application process using their W-2 or other taxable income documents, tax returns and other required information. 

   3. Stress the importance of time: Other students are filling out their FAFSAs even as you read and you need to know what your "Expected Family Contribution" is going to be for college your first year!

Have questions regarding the FAFSA?  Post a comment or send us an email!

If I had a nickel for every time that I heard this super self-defeating myth, I'd be able to pay for you to go to college!

The first truth: Very few moms or dads can afford upwards of $ 60,000 out-of-pocket for their children to go to college!

The second truth: Most students apply for and receive financial aid, especially the kids whose parents really cannot afford to send them to college.

My advice: Dry your tears and go to the FAFSA financial aid eligibility FAQ! After you submit your FAFSA, you will immediately receive a ballpark "Expected Family Contribution" calculation on the confirmation page. If after applying for federal aid, scholarships, and student loans, you are still "up a creek" financially, explore community college options which are often roughly half of state university tuitions!