If you supply all the correct information and you qualify, your selected college will send you an award letter indicating the financial aid programs for which you qualify. If you are not eligible for financial aid, your college will let you know other options to finance your education.
Frequently Asked Questions
When will I get my award letter?
It depends on when the college sends out letters. Some colleges will send you an award letter as soon as you are accepted (if your financial aid application is complete). Other colleges will have a set date when all award letters are sent to accepted students. Some colleges have rolling dates when they generate letters so you will get your award letter after you are accepted and as soon as your financial aid application is complete. Check with the college that accepted you.
Do I have to send anything back?
Most colleges require that you sign and return your award letter, accepting or declining each award. Some colleges only require you to return the letter if you are declining awards (assuming that if they don't hear from you, you accept all the aid that is offered). Verify the college's requirements with the financial aid office.
Do I have to pay my tuition deposit before I hear about any financial aid?
It depends on the college and when you applied for financial aid. If you met the financial aid application deadline, the college will probably extend your tuition deposit deadline until you get your aid offer. Don't expect them to extend the tuition deposit deadline if you didn't meet the financial aid deadline. Always check with the college before you decide to wait for your financial aid award letter. Some colleges are unwilling to extend the tuition deposit deadline and you could lose your place in the class if you procrastinate.
If I don't get anything in my first year, what is the possibility that I will get scholarships or grants in subsequent years?
Most colleges aim their scholarship and grant monies at their entering freshman class. You should make your decision of where to attend based on your financial aid offer the year that you enter assuming that additional funds will NOT be available later. If the college has additional funds to offer later, you can apply for them without having planned on getting funds in subsequent years.
Do I have to reapply?
Yes. Virtually, all financial aid funds require an application every year. The federal and state funds definitely require new applications with updated financial information. Many scholarships, even those based on merit, will require some type of reapplication for subsequent years.
What if the award is not enough? Can I appeal?
Yes, you can appeal your awards although you should realize that colleges offer all the funds that they have available in student's initial financial aid packages. They do not usually hold any money back to deal with appeals. Being able to secure additional funding many depend on students declining their financial aid or you being able to demonstrate how your family financial situation has changed since your initial application. If nothing has changed, chances are that your appeal will be declined. Colleges will only match another colleges financial aid offer if they feel that the offer came from a college that they compete with.
