Deciphering Financial Aid Award Letters

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. 



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 planpurchase 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 

Need more information about paying for college?  

You can also schedule a one-on-one consultation with our College Counselor! Send your questions to or visit ourCollege Counselor page to access a submission form and more resources.