Definition
After receiving and reviewing an application for financial aid, colleges and universities will send a student an award letter. This document will outline exactly how much financial support the school is willing to provide for the upcoming year. The most common sources of aid that are included in the award letter are:
Scholarships
Grants such as Pell Grants
Federal Work-Study, both on and off campus assignments
Student Loans
Explanation
The award letter needs to be carefully reviewed. It's important to understand all the terms and conditions outlined in the letter before accepting any offer of financial aid. Once the student has selected a school to attend, they need to inform the admissions office in writing, indicating how much of the award they plan to accept. If a student fails to respond by the date indicated in the award letter, then the offer of aid could be lost.
