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Quick Reference Guide to Evaluating Financial Aid Award Letters
What is a Financial Aid Award Letter
The financial aid award letter provides prospective and current college students with information about the student's college costs and the financial aid available to help the student pay for these costs. The award letter may also include details on the college's calculation of the student's demonstrated financial need. The letter will provide a determination of financial aid eligibility and, if the student is eligible for financial aid, a detailed breakdown of the financial aid package according to the type, amount and source of financial aid. The award letter may also include information about the terms and conditions for the financial aid. Financial aid award letters for prospective students typically arrive with or soon after the offer of admission. (For most students this is late March or early April.) Financial aid award letters for continuing students may arrive later. Some financial aid award letters will be provided online, through a secure web site. Some colleges require students to accept or reject each source of financial aid. Others do not. If you reject one form of financial aid, such as loans or student employment, they will not increase other types of financial aid to compensate.
Compare College Financial Aid Award Letters Based on the Bottom Line Cost

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