Understanding Award Letters/Packages
Award letters or packages provide important information about your costs of attendance to attend a particular college/university. The costs will vary by college, student, and year. These can be provided to you via email, mail, or through the institution’s student portal. Be sure to await all offers before making a family decision. National decision day is May 1st annually.
Terminology
- Cost of attendance (COA): This is the estimated cost to attend the institution for one academic school year. This estimated amount often includes average tuition and fees, room and board, transportation, and supplies. The actual cost will be provided on your tuition bill.
- Expected family contribution (EFC): This is how much the family is expected to contribute to your education and is used by schools to determine financial need. The information completed on the FAFSA is used to determine the EFC.
- Net Costs: This is the cost of attendance minus total grants and scholarships. This is the cost per year that must be paid out of pocket or covered by loans or other aid.
- Scholarship and grant options: This is money that does not need to be repaid. The letter will identify which types you’ve been awarded and how much you will receive.
- Student/ Family Loan options: Student/Family loans are financial aid that students/families must repay with interest. These can be accepted or declined.
- Work study: This is a program that provide students with part-time work on or near campus. Work-study programs are funded by the federal government and are operated by the institution.
U.S. Department of Education