Understanding and Reviewing Financial Aid Letters

Brought to you by our partners at College Ave Student Loans.

If you were accepted to multiple universities (congratulations!), you likely felt a great deal of excitement when you received your letters. But then your excitement was probably quickly replaced with confusion, and maybe even anxiety, when you tried to make sense of your financial aid letters.

After all, universities don’t have a standard way of presenting the information, and it can be hard to see what offer is best. The good news is that it doesn’t need to be confusing.

textbooks

Elements of Financial Aid Letters

The first step to evaluating financial aid letters is to understand the elements they include. Each letter will include:

  • Cost of attendance (an estimate of tuition and fees, room and board, books, and other supplies)
  • Money that you do not have to repay (e.g., grants or scholarships)
  • Money that you need to repay (e.g., federal loans)
  • Work-study programs funded by the federal government and/or the university

financial aid

Factors to Consider When Reviewing Financial Aid Letters

Contact the university’s financial aid officer listed in your offer letter to gather more information about your offer. It’s a good idea to do this by email so you have a written record of the conversation. You’ll want to know the following information:

  • Additional Costs
  • Estimated Tuition Cost Increases
  • The Average Graduation Rate at the University
  • Scholarship Terms
  • Loan Terms
  • Work-study Program Terms

Additional Questions

In addition, you’ll want to know:

  • Might the amount of my award increase if some other students don’t accept their awards?
  • What do I need to do to receive the award?
  • What do I need to do to continue to receive award funds in subsequent years?

Learn More

Want to learn more about what do next with your financial aid letters? Looking for more information about the different factors to consider? Check out the full article from our partners at College Ave Student Loans.

textbooks

CJ_RelatedArticlesStrip

CJ_QuickGuide

financial aid

0

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Popular Articles
9 Study Hacks to Help You Nail Your Next Exam

9 Study Hacks to Help You Nail Your Next Exam
10.01.18

Exams in college are inevitable, but that doesn't mean everybody will hunker down for a thorough study session before their big test. After all, studying can Read More…
9 Books to Add to Your Winter Reading List

9 Books to Add to Your Winter Reading List
11.30.18

We can't think of anything cozier than curling up indoors with a good book on a cold winter day. If you're on the same page as Read More…
Is a Private Student Loan Right for Me?

Is a Private Student Loan Right for Me?
09.15.17

Brought to You by our Partners at College Ave Student Loans Student loans generally fall into two main categories: federal student loans and private student loans. Read More…
5 Expenses You Might Be Able to Cut Back On

5 Expenses You Might Be Able to Cut Back On
11.12.18

Brought to You by our Partners at College Ave Student Loans It's a well-known fact that one of the best ways to save more is to spend less. Unfortunately, Read More…
The College Juice © 2018