FINANCIAL AID TIPS

SAMPLE FINANCIAL AID AWARD PACKAGE

If your application for admission has been accepted, and you have taken all the steps to apply for financial aid, and your family demonstrates financial need, you are likely to receive a financial aid award.

Now what?

Below is a sample of an award package that students may receive once their admission application is accepted. Interpreting the award letter can take time, and this sample may help you and your family interpret your aid award letter once you receive it. Be sure to ask all questions you have and get the answers before the acceptance deadline.

In this award, the college is covering more than half of the demonstrated financial need with a grant. That certainly helps! But it would be important to ask the financial aid staff whether this level of grant can be expected in future years. (Unfortunately, some colleges do make large initial grants to encourage students to enroll, and may reduce or remove grants after the first year.)

You'll also want to ask about the continued availability of the state grant.

If the grants look to be stable over the time you'd be enrolled, you can estimate the total student loan indebtedness you would have after four years — in this case, around $12,000 if college costs remain the same. That's about the average level of indebtedness for students graduating nationwide.

You'll also want to look at the Federal Work-Study figure. Are you willing to work on campus to earn these funds? If not, you will be expected to come up with the $2,000 in some other way (either extra work beyond the summer earnings expectation, a gift from a relative, a loan, etc.).

Click here to use the Dept. of Education Award Worksheet to enter and interpret the figures on your own financial aid award(s).

Of course, if you have received more than one financial aid award, you will want to compare them. Click here for more information about comparing financial aid packages.