Understanding Your Financial Aid Award Letter - AMP | Achieving Maximum Potential
 

Understanding Your Financial Aid Award Letter

award letter
 

Understanding your award letter
 

After you are accepted for admission, each college listed on your FAFSA will send an electronic or paper award letter describing the financial aid package being offered, including state, federal and institutional aid.

  • Thoroughly compare all letters. Make sure you understand how much assistance is from grants or scholarships (which do not have to be repaid), from Work-Study (which you must earn) and from loans (which must be repaid). Also make sure you understand the total amount you or your family will be expected to pay.
  • Terms will vary. Some awards renew automatically from year to year, some renew under certain conditions (such as maintaining a required grade point average) and others are one-time awards.
  • Look for important dates and deadlines. All financial aid packages will have a deadline for you to accept or decline the financial aid. Also, the school might require additional or updated information (such as a high school transcript) before finalizing your financial aid package.

View a sample award letter and a glossary of terms at IowaCollegeAid.gov/UnderstandingAid.
 

Watch this awesome video on understanding your financial aid letter from

Iowa College Student Aid

 

https://youtu.be/5gCt5TKT_sk

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