Celebrate your college acceptances, but wait to decide where to attend until after you review your award letters and understand the financial cost of your decision. Award letters come in different formats and can be confusing! Use this glossary that explains common award letter terms, and find answers to frequently asked questions about your award letter.
The Attorney General’s Student Loan Assistance Unit gets hundreds of calls each year from students and parents who are struggling with student loan debt. Many of these borrowers report that they did not understand how much it would cost to attend their chosen school. It’s not surprising that students and parents often don’t understand these costs. Financial aid award letters can be hard to decode, analyze, and compare, and costs for subsequent academic years are very difficult to pin down.
This guide is intended to help students and parents better understand and compare financial aid award letters. The guide was created in partnership with uAspire, a nonprofit organization that provides students with counseling and tools to find an affordable path to and through college.