The college financial aid office will develop a financial aid package for your child using the data you provided on the FAFSA. The award letter will tell you the total amount of financial aid a school is offering. The Award letter will list all scholarships, grants, work-study, and loans being offered to your student. Every school has its own guidelines for putting together a package and will send you the award letter by mail, e-mail or directly to the students on line account with the school.
This Award Letter Comparison Tool will help you compare the financial aid packages from the colleges that have admitted you. It highlights the differences in the cost of attending each school. Please note some types of aid are not offered by every school and if you do not see an item on your award letter enter 0 in that field. Once you enter all of your information, you will be able to take this information a step further by calculating your 4-year loan cost (factoring inflation) and the percentage of your estimated annual salary that your student loan repayment will require once you graduate.