Award letters tell you exactly how much financial support the school is able to provide for the upcoming year.

Sources

The most common sources are:

Scholarships (Money that does not have to be repaid).
Any scholarships your child has notified the school about, as well as those the school has to offer, will be included on an award letter.

Grants (Money that does not have to be repaid).

• Federal Pell Grant.
• Federal Supplemental Educational Opportunity Grant (FSEOG).
• Institutional grants.
• State-sponsored grants.

Federal Work-Study (Money earned by working).

• On-campus (work for the school).
• Off-campus (private nonprofit organization or a public agency).

Loans (Borrowed money that must be repaid).

• Federal Stafford Loan-subsidized.
• Federal Stafford Loan-unsubsidized.
• Federal PLUS Loans.
• Federal Perkins Loans.
• State loan programs.
• Private loan programs.
• Other loan programs.

Items to consider

• Read the award letter carefully to be sure you understand all terms and conditions so you can decide if you want to accept any, or all, of the aid offered.
• Look for instructions for the next steps. Your child may need to complete additional paperwork such as loan applications.
• Determine if grants or scholarships available for more than one year. If so, what conditions apply? If not, are any options listed for the following years?
• Remember, unless otherwise stated, this letter applies only to the upcoming school year.

Report changes

Since filing the FAFSA, any changes in financial or family circumstances must be reported to the school. Additional outside sources of financial aid, parental unemployment or illness, change in enrollment, or family status could affect the award. Even name and address updates must be reported.

Accepting the award Once your child has selected a school, they should inform the school in writing how much of the award they plan to accept. If a response is not given by the date indicated in the letter, the award could be in jeopardy.