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Get Started – Financial Aid Award Letters

Analysis of Financial Aid Award Letters is necessary to determine the most affordable college to attend. In March-April of your senior year, all colleges that accept you for admission will mail (or e-mail) Financial Aid Award Letters to you. These Letters will outline all offers of financial aid including scholarships, grants and loans.

Below is a condensed list of the MyCollegeCalendar recommended tasks for analyzing Financial Aid Award Letters.

1. Collect all Financial Aid Award Letters you have received.

2. Go to the MyCollegeCalendar Cost / Financial Aid Award Comparison Spreadsheet and enter the names of your colleges in Row 2.

3. On the MyCollegeCalendar Cost / Financial Aid Award Comparison Spreadsheet, enter all cost information for each college (tuition, housing, meal plan, etc.) into Rows 4-17. Enter offers of free money (scholarships and grants) as shown on each Financial Aid Award Letter into Rows 22-27. Also, enter any “outside” scholarships and monies included in Financial Aid Award Letters into Rows 28 and 29.

4. Enter the amounts of loans offered on Financial Aid Award Letters into Rows 39-43.

5. Enter the amounts of family financial resources available to help pay college expenses (money in savings, monetary gifts from relatives, private loans, etc.) into Rows 44 and 56-63.

6. Compare the total amount of scholarships and grants offered by each college (Row 51 – Total Gift Aid (Free Money)) to the amount of loans offered (Row 52 – Total Student Loans). Make note of the colleges offering the most free money in the form of scholarships and grants.

7. Review spreadsheet rows 50-53 to compare the offers of financial aid to the cost of attending each college. Determine the amount of money needed to pay for college (Row 53 - Family Responsibility) that is not covered by the offers of financial aid.

8. Analyze your family financial resources (Rows 56-63) and evaluate how much additional money is needed to cover all college expenses (Row 65).

9. If Row 65 displays a positive number, you will need additional money in this amount beyond your family’s listed financial resources in Rows 44 and 56-63. This can be done by securing a private education/alternative education loan, working additional hours over the summer, asking relatives for gifts, or by other means.

If Row 65 displays a zero or negative number, then you have adequate financial resources to cover all college expenses.

Compare Row 65 for each college to see which college is the most affordable.

10. Make sure the financial aid shown on your Financial Aid Award Letters is renewable .

11. Ask each college’s financial aid office for the grade point average (GPA) required to keep your scholarships and grants during sophomore, junior, and senior college years. Note the grade requirements; scholarships and grants that require a high GPA may be very difficult to maintain.

12. Consider Appealing Financial Aid Awards.

13. Accept the financial aid awards offered by the college you will attend to as soon as possible. You can accept or reject any of the awards shown on your Financial Aid Award Letter according to instructions provided by the college.