What is in a Financial Aid Package?



What Is In A Financial Aid Package?

Regarding your financial aid packet:  Learn all about your financial packet, its contents and what to do with it.

Pursuing your financial college aid may lead to more question like how much is it worth, when do you receive it and what, are the stipulations if any.  During your application for your financial aid package, you should see a financial aid package sample. Your financial aid package is based on the amount, of college aid, state aid and federal aid, which is based on the amount universities and colleges that have accepted you are willing to offer you toward your college degree. Following your acceptance letter to an institute, you will also receive a letter of your financial aid with the complete amount to be awarded you of financial aid being offered for your first year of college. There may be examples of this in the financial aid package sample as well.

The Contents Of The Financial Aid Package Award

The contents of the financial aid package award letter will be explained by the college or university that awards you your financial aid packet. The award letter will have a list of all, college loans, college scholarships, federal grants and work-study programs that the school has to offer. Questions like when will I get my financial aid package will be at the top of your list. The financial aid package sample can be a big help in choosing a particular plan. Need based and merit based, are the two types of financial aid you will receive in your financial aid packet. Merit aid is normally based on your academic achievements, or even special talents, such as art related abilities. Merit aid may even be awarded regardless of your financial needs. Need-based aid is simply put, aid based on your financial needs. These needs are based on the contents of your FAFSA during your initial application.

Every school has its own system for giving out school aid. Some schools give out the complete expected college cost, while other only pay the mediate billable costs such as board, room and tuition.  Go over each award letter to see the amount of money you are being offered to see if it is grant money or loan money. It is possible you may be in a better position by accepting less money if you don’t need it. Remember, you have to pay back loan money. All loans should be considered by the terms and conditions. Remember as you evaluate each financial aid packet, you do not have to accept all the packages being presented. However, you will want to accept all scholarships and grants since repayment is not required.

FAFSA During Your Initial Application

After you have chosen the school you want to attend, you will have to let them know what you feel is the best financial offer based on their plans offered. In most cases you may be required to sign a promissory note in accepting a particular type of aid plan.  As courtesy, once you accept and enroll in a school, notify the other schools of your plans not to attend their schools so they can now prepare this loan money for other students.  Now the big question is, when will I get my financial aid package? After your acceptance of a school’s financial offer, find out from your financial aid office how and when the college money will be distributed, what is the cost of your first bill and the amount of aid that will be applied directly to your bill.  Once all is said and done with your financial packet, you will next need to set up a budget because you may not receive the same amount of aid every year.

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