How to Review Your Financial Aid Award

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What Is a Financial Aid Award - A financial aid award letter is the notification that students receive informing them how much financial aid a school is willing to offer.

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When Will the Financial Aid Award Letter Come? - An award letter is often received around the same time as college acceptance letters. This can vary depending on the timing of your FAFSA submission and each school’s administrative process.

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Cost of Attendance (COA) - A school’s cost of attendance, (COA) will also be included in your financial aid award letter.

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Expected Family Contribution (EFC) - Based on the information provided in FAFSA, the government will determine your EFC or Expected Family Contribution.

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Financial Need - Financial need is the difference between your ability to pay for college and how much it costs to attend. Your financial needs are determined by subtracting your EFC from the COA.

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Gift Aid - Gift aid is money that students don’t have to pay back and can come as grants or scholarships. Your financial aid award letter will identify which types you’ve been awarded and how much you will receive.

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Work-Study - Work-study programs provide you with part-time work on or near campus. Work-study programs are funded by the federal government but are operated by schools.

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Student Loans - Financial aid award letters communicate which federal loans you qualified for. Student loans are financial aid that students must repay with interest. You can choose to accept or decline them.

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