Understanding Your Financial Aid Offer
Applying for financial aid starts with one form: the FAFSA. Follow these steps to complete it correctly, and you’ll be on your way to unlocking federal, state, and college aid.
How to Compare Award Letters
After completing the FAFSA and applying to schools, each college will send you a financial aid offer, sometimes called an award letter.
Key Parts of an Award Letter
When reviewing your financial aid offers, look for the following information:
Cost of Attendance (COA)
The estimated total cost of attending the school for one year. This may include:
- Tuition and fees
- Housing and meals
- Books and supplies
- Transportation
- Other educational expenses
Amount of financial aid offered per semester
- Grants
- Scholarships
- Work-Study
- Student Loans
Remember: You are not required to accept student loans that are offered. You can decline them or reduce the amount offered.
Tips for Comparing Offers
When reviewing financial aid offers from multiple schools:
- Compare the total cost after grants and scholarships
- Consider how much aid must be repaid
- Look at housing and living costs
- Ask questions if anything is unclear
Your LOSFA Comprehensive Advisors can help you understand these offers and compare your options.