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:
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.