Skip Navigation

Learning-Center

Deciphering Financial Aid Award Letters

You’ve received your college acceptance letters – congratulations! If you’ve been accepted to multiple schools, one of the biggest determining factors for your final choice may be the out of pocket cost for each option. Along with your acceptance letters, you should receive an award letter outlining the financial aid for which you are eligible at each college.

Important Definitions:

Award Letter – An offer sent from a college or university to the student that details how much financial support the student is eligible for. The award letter is sent following the student’s submission of the Free Application for Federal Student Aid (FAFSA) and application to attend a college or university.

Cost of Attendance (COA) - A figure provided by college financial aid offices that estimates the total costs of attending that particular school for a period of one year. Included in the estimate are expenses such as tuition, room and board, books and supplies, personal expenses and transportation.

Keep in mind that some of these expenses are not set in stone! For example, your costs may be less if you opt to live in a double dorm room versus a single room; select a smaller meal plan; purchase used books; or do not park a car on campus.

Financial Aid – Your award letter provides a list of the aid for which you qualify at each school. You will let the school know which pieces of your financial aid package you wish to accept. (Hint: take the free money first!)

Types of Financial Aid Offered (not all are available to every student):

  • Scholarships and Grants (FREE money for college!)
  • Federal Direct Loans
  • Federal Direct PLUS Loan
  • Federal Work Study Program

Comparing Costs:

Unfortunately there is no standard layout for an award letter, so you will need to carefully look at each offer and be sure you are comparing apples to apples. What type of dorm room or meal plan does each school include in their COA? Do both include the cost of books? Are miscellaneous expenses or other fees broken down and labeled? If you’re not sure about any of the numbers, reach out to the school’s financial aid office for clarification.

Can I appeal the decision for my financial aid package?

Yes! You can always reach out to the financial aid office to discuss your award package, especially if your family’s situation has changed. The following situations can be taken into consideration:

  • Recent unemployment of family member(s)
  • Medical, dental, or nursing care expenses not covered by health insurance
  • Changes in the family’s income and/or assets
  • Disability/death or divorce
  • Homeless youth
  • Parents incarcerated
Close Disclosure Overlay

*APR = Annual Percentage Rate

In order to apply for a loan, you must first pick an individual credit union from which you wish to borrow. You can apply for the loan without being a member of the credit union you select, but you will need to become a member of that credit union in order to receive a funded loan. Therefore, it's important that you select a credit union that you will be eligible to join. Credit union membership requirements can include where you live, work, or attend school. Results are based on membership criteria provided by individual credit unions and do not imply a guarantee regarding accuracy or eligibility to join the listed credit union(s).

Calculations are based on the lowest possible rate and available repayment terms per lender. Rate estimates are based on credit information entered by the user and will not impact your credit. During the application process, a hard credit inquiry will be performed to provide exact rate information. Repayment calculations assume immediate full repayment. View the full range of rates and terms by visiting your credit union's website using links listed for each credit union above.

Using the free student loan refinance calculator does not constitute an offer to receive a loan and will not solicit a loan offer. Any payments and savings will depend on the actual amounts for which you are approved, should you choose to apply. This calculator is provided for educational purposes only and should not be relied upon as financial advice. Always consult your credit union or financial advisor when making your decision.

IMPORTANT NOTICE for refinance borrowers: By refinancing federal student loans, you may lose certain borrower benefits from your original loans. These may include interest rate discounts, principal rebates, or some cancellation benefits that can significantly reduce the cost of repaying your loans. Please review this important disclosure for more information.

Your actual rate within the range stated will be disclosed upon approval. Student borrowers may apply with a creditworthy cosigner which may result in a better chance of approval and/or interest rate.