With luck, those letters should be in the mail. Here’s how to understand what they tell you.
By Donna Rosato
You just got accepted into college. Now it’s time for you—and often your family—to figure how to pay for it. That means wading through college offers of financial aid, which usually arrive the same time as the acceptance letters.
Most people request financial aid by filing the Free Application for Federal Student Aid (FAFSA), which determines your eligibility.
The financial aid offer, which the college sends by regular mail or email, outlines the cost of one year’s attendance as well as any grants, scholarships, loans, or work-study programs that you qualify for. It also details how much the college expects you to pay, including any loans you take out.
Most schools give you till May 1 to decide whether you’ll attend. That gives you time to compare the different aid offers from each college and decide which one is the best financial fit.
You may need the extra time. Financial aid letters can be confusing, partly because there are no standard forms or terms that describe the assistance.
The U.S. Department of Education has developed a Financial Aid Shopping Sheet, a standardized award letter that it wants schools to use to make it easier to compare aid packages. But using the form is voluntary and only about half of schools do so.
“How much you’re going to pay for school is one of the most important aspects of deciding where to go to college,” says Justin Draeger, president of the National Association of Student Financial Aid Administrators. “Now families and students can have more time to determine what school makes the most sense for them.”
Here are some guidelines to help you get through the financial aid process.