Step # 3 in Understanding Financial Aid by www.studentloanprimer.com

Each of the schools you listed on your FAFSA will send you an award letter if you have been accepted to enroll. These award letters will outline the total cost of attendance at each school, your Expected Family Contribution, and a financial aid package.

Look closely at the types of financial aid you are being offered at each school. The aid package will usually contain a combination of aid that doesn't have to be repaid (such as grants, scholarships, and work-study) and aid that must be repaid (loans).

It's your choice whether you accept all, some, or none of the aid being offered. To accept a specific financial aid offer, complete, sign, and return the forms that come with the award letter.

Also, pay careful attention to the individual deadlines listed on each award letter. Missing a deadline can mean losing all of the aid being offered.

Quick Tips

• You may receive award letters from several schools.
• Compare the aid being offered to the total cost of attendance at each school.
• Don't be put off by high tuition costs, private schools sometimes offer better aid packages.
• Make sure you respond by the deadline listed on your award letter.

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