April 1 marks the height of decision season for colleges nationwide, a date by which high school seniors will learn whether they’ll be joining the incoming freshmen class. It is also the time of year when students can expect to receive financial aid award letters from the colleges.
These letters or emails spell out the details of your financial aid package, which FinAid.org describes as “a collection of different types of financial aid from multiple sources… intended to help you fill the gap between your ability to pay (your expected family contribution or EFC) and college costs (the cost of attendance or COA).”
Be warned: There is no standard format for award letters, so it might be difficult for you to compare awards from different institutions to make sure you are getting the best deal. If you need assistance interpreting and comparing financial aid award letters, check out FinAid.org’s quick reference guide. It includes a discussion of net cost and out-of-pocket cost, a summary of problems and pitfalls with financial aid award letters, a list of questions to ask college financial aid administrators, and a glossary of common terms used on financial aid award letters.
