About Financial Aid Awards

As you receive award letters, compare them very carefully. There is no standardization, so formats and wording vary. Be absolutely certain that you know what each category on the award letter is. 

Start here

By using either of these tools: 

• Sallie Mae Comparing Financial Aid Award Letters
• Breaking Down Your Award Letter

or by watching this presentation: 

Understanding Award Letters College Success Foundation

Read and Use these Guides

Paying for College Infographic helps prioritize how you accept / decline the components of your financial aid award. 

Everything you need to know about paying for college before decision day Washington Post 4.7.2016 This is an excellent guide for many paying for college matters, with sections on:

• How to negotiate a better financial aid package
• What to do if you haven't saved much for college
• A way to pay that doesn't involve borrowing money (monthly payments)
• What you need to know about private student loans
• Should you take out an insurance policy to cover college tuition?

How to Read a Financial Aid Award Letter Washington Post 4.7.2016. An interactive article examining three sample letters. 

How to Decipher a Financial Aid Letter The College Solution 1.31.2016

Advice for Appealing Your Financial Aid Award College Aid Pro  3.2023

Ten Tips to Negotiate Your Best Financial Aid Package The Kracken 4.3.2017. Take or leave the advice on negotiation, but do the recommended very detailed steps to thoroughly understand the aid process and your offer. 

Also use the college’s own website for wording and, if you are serious about the school, call the financial aid office to ask questions. 

Resources:  Downloads

Compare College Costs & Awards Use this customized-to-Washington spreadsheet to enter figures from your colleges and see the costs side by side. 

Questions to Ask the Financial Aid Office about your Award by Big Future. Have this handout handy when you speak with or meet with financial aid officials. 

Federal Student Loan Programs explains the many types of loans.

Student Loan Survival Guide from the State Attorney General's Office. Excellent guide to loans and financial aid. 

Deciphering Your Financial Aid Letter by Money Magazine. An annotated guide.   

Resources for Appealing Your Award

Financial Aid Appeals basics from the Washington Student Achievement Council

How to Write a Financial Aid Appeal Letter College Essay Guy

Everything You Need to Know About Financial Aid Appeals Road2College

Help for Writing An Appeal Letter FormSwift

Resources:  Websites

ReadySetGrad Financial Aid 101 (works best on Chrome). 

Washington State Financial Aid Programs lists the various grants, scholarships, and programs that are unique to Washington State. Not sure what a State Need Grant is? An Opportunity Grant? Look it up here. 

Federal Student Aid Glossary provides definitions of many terms. Want to know the difference between an unsubsidized loan and a subsidized one? Look here. Washington State-specific programs are not included. 

Sallie Mae's Compare Financial Aid Award Letters. An excellent site with clear explanations of financial aid components.  

Compare College Offers, a tool on road2college.com, where you can upload your offers (personal info redacted), compare them with others' offers, and gain more information as you make decisions and work with financial aid offices. 

Federal Student Aid Student Loan Repayment Estimator. Allows you to plug in total amount, type of loan, interest rate, and projected income to estimate what repayment might look like. 

The College Board's Big Future Student Loan Calculator allows you to put in several types of loans and estimated income to help you figure out the long term financial commitment.

Resources:  Videos

Understanding Your Financial Aid Award Letter by Education Unlocked. It's not stellar quality, but this explanation of an award letter is clear and the advice is sound. 

Types of Aid is a set of three videos by Federal Student Aid:  Overview of the Financial Aid Process; Types of Federal Student Aid; Responsible Borrowing.  

The Sallie Mae Compare Financial Aid Award Letters page has a very good short (less than 2 minutes) video, 4 Tips on How to Read Award Letters.