Step5: Receive Your Award Letter

Aid Options Available

·   Federal Government Aid includes government grants, loans, and work-study see aid option     ·   College Financial Aid includes college scholarships, loans, and work programs see aid option     ·   Private Financial Aid includes private scholarships, private education loans, and private assistance see aid option   ·   Other Financial Aid Options includes military service, special community service, and other see aid option

Confused?
Follow the Aid Path

The Financial Award Letter is processed by the college or university that you will be attending

• the school's financial aid office will process the SAR and determine the total financial aid you can receive through federal, state, and college-based programs
  
  
• the school will then send you the Financial Award Letter (Package) usually upon notification of the your acceptance of college admission — usually around March or April
  
  
• the Financial Award Letter (Package) will list the type of financial aid that may include:

grants and scholarships:
includes private and government grants and all scholarships.

student loans:
Perkins, subsidized and unsubsidized Stafford loans, PLUS loans, state loan programs, other.

work-study programs:
different work programs through the school or in the community.

• you should review the financial award letter to understand its terms including loan interest rates, financial aid terms, required work hours, financial aid renewal and requirements, re-application procedures, etc.
  
  
• the school will require you to either Accept (A) or reject (R) the financial aid package.
  
  
• have all of your questions asked before accepting the financial aid package — if you feel the package is inadequate, contact your school's financial aid office.
  
  
• review the financial aid packages among the various schools you plan to attend — compare which school offers the best financial aid package as it relates to your overall educational requirements.