What’s in a financial aid award letter?
A financial aid package is a list of different amounts of money in different forms of loans, grants, work-study, or other tuition waivers that should add up to cover the cost of the college, minus your expected family contribution.
One study found that out of 455 college financial aid award letters there were 136 unique terms used for the same type of unsubsidized loan—some of which didn’t even include the word “loan.”
A majority of the financial aid package letters also didn’t clearly differentiate between types of aid. The same study found that loans were sometimes referred to as awards, making the packages appear more generous than they really were.
Read more to better understand financial aid award letter.
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