Financial Aid Award Letters: What to Look For

Your financial aid award letter has arrived.

You open the letter expecting to see exactly how much you’ll have to pay for that education, but instead, you’re left scratching your head. The aid package is broken down into a combination of loans, awards, grants and work-study. At first glance, it appears that the majority of your costs for the next four years will be covered, but it’s hard to say.

This scenario unfolds for millions of families each spring, and many find that financial aid letters are not always what they seem.

Here are some early tips for making sense of them, so you’ll be prepared when the letter does come.