Understanding your Financial Aid Award Letter (financial aid offer)

This video provides an overview of a sample financial aid award letter for an undergraduate student at a college in the United States. After being accepted to a college, a student will receive an award letter in the mail that lists the different types of financial aid that the student is being offered. This aid includes federal grants, federal work-study, federal loans, state grants, and institutional scholarships and grants (those coming from the college's own money). Students must then decide whether to accept or reject each type of aid. Students should always accept grants and scholarships because they do not have to be paid back- this is essentially free money. Students should also accept federal work-study funds, at least until they find out what type of work they will be asked to do (they might be offered a job in the library where they can do their homework and get paid at the same time). Loans are the least attractive type of aid and should be accepted with caution. Subsidized loans are the best because the government pays the interest while the student is in college. Unsubsidized loans begin accruing interest from the first day the loan is disbursed and thus are the least attractive type of aid aside from private loans. (Federally unsubsidized loans are more attractive than private loans from banks, because the federal government provides more flexible repayment options, loan forgiveness opportunities, and more generous credit terms. Private loans are the last option and should be avoided if at all possible.)

This video was funded by a Civic Engagement Fund grant from the Gephardt Institute for Civic and Community Engagement at Washington University in St. Louis.—
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