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smart financial aid tips and student loans

Financial Aid Guide: Bookmark Site

Aid Disbursement Period:
07/01/08 to present
Stafford Loans
(fixed rate) 		6.00%
PLUS Loans
(fixed rate) 		8.50%
Private Student
(variable rate) 		see rates
Other Disbursement Periods:
see rate chart

 

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financial aid notes: get the award letter

current location: college planning center ... financial aid guide ... aid process notes ... aid note4
college award letter
Colleges will use the SAR to determine your eligible financial aid awards. Compare your award letters among colleges to determine best aid package.

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note4: get the award letter

What is the Financial Award Letter

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 acceptance of your college admission — usually around April to May

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note4: get the award letter

Award Letters to List Types of Financial Aid

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.

    link to our financial aid charts for a summary review


sample of an award letter:

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note4: get the award letter

Award Letters May Not Cover Full Costs

Some award letters do not cover the full cost of attendance

The sample award letter above shows an award package that matches the financial need for the academic years. Some colleges may offer award amounts that are less than the total financial need.

You will have to determine what additional money you can find on your own in order to attend your college of choice.

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note4: get the award letter

Review the Award Letter

You should review the financial award letter

Understand its terms including loan interest rates, required work hours, aid renewal and other requirements.

Look at each award item to understand exactly what requirements are necessary to earn that award. Note that some institute grants are given to first-year students to encourage them to enroll. Make sure these grants are not reduced or removed after the first year.

Ask about the work-study program: hours required, pay, type work, etc. Some students may opt to work the summer months instead of taking work -study programs.

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

 

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.

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