Financial Aid Packages

Once you submit your financial aid applications, you may receive multiple offers that you’ll need to choose from. 

You’ll need to know how to understand and compare your financial aid offers to choose the right one for you. Don’t worry—we’ll walk you through the details of financial aid offers so that you can make an informed decision. 

After you submit your financial aid application and are accepted to a college, the school will send you a financial aid offer letter. This letter will tell you how much aid the college or university is offering you for the upcoming academic year. It will also have the type of aid they’re offering.  

While you may get your letter in the mail, most colleges send them in a digital format through your online student portal. Sometimes, financial aid offers are called “financial aid packages” or “financial aid awards.” Whether it’s a letter, package, or award, they’re all talking about the financial aid a college is offering you.

Generally, students start receiving financial aid packages in March. If you were late to submit your FAFSA or TASFA (and especially if you submitted it after any priority deadlines), you might not get your package until May or June. 

 
Some schools won’t notify you when your offer is ready. That’s another reason you should check your student portal weekly. Even if the college mails you a physical letter, you’ll still need to log into your portal to accept the aid offer. Keep in mind, you can choose to not accept part or even all of a college’s aid offer.

As you gear up for reading, interpreting, and comparing financial aid awards, pay attention to these terms: 

Net price 

Net price is the cost of attendance (the sticker price) minus any gift aid (grants and scholarships). What is left is the amount of money that you will pay each academic year, usually through federal or private loans, savings, work-study, or out of pocket.  

Financial need 

Colleges subtract your student aid index from their cost of attendance to determine your financial need. This figure is how much financial aid the college thinks you’ll need to attend that college. When the college creates your financial aid offer, they’ll only offer you enough need-based aid to cover your financial need. 

Unmet financial need 

You can determine your unmet financial need by subtracting all your gift aid (grants and scholarships), loans, and work-study from your financial need. The remaining amount is what you’ll need to pay yourself to attend that college. To cover your unmet need, you can apply for outside scholarships (those not offered through the college), take on a part-time job, tap into your savings account, or ask your personal network for financial support.