Financial aid offers
WHAT ARE FINANCIAL AID OFFERS?
A financial aid offer is a document that outlines how much financial aid a student is eligible to receive from an individual college and how much they'll be expected to pay to cover the remaining costs.
These offers will look different from each college and students will receive them after they've been accepted to the college AND they've completed the FAFSA or MN Dream Act.
FINANCIAL AID OFFER TERMS
Students will likely see the following terms on their financial aid offers:
Cost of Attendance (COA): The total amount that it will cost to attend the college for the school year (NOT the amount that you will pay). Will include Direct Costs & Indirect Costs.
Direct Costs: costs included in the Cost of Attendance that a student/family must pay to attend the college (ex. Tuition & Fees, Housing & Food -- if living on campus)
Indirect Costs: estimated costs included in the Cost of Attendance that a student/family could end up paying (ex. Books/Supplies, Transportation, Personal Items, Laptop, etc.)
Student Aid Index (SAI): A number used by the school to calculate the amount of federal & state aid that you are eligible to receive. This number is based on the financial information you provide on the FAFSA. This is NOT the amount of money that your family will have to pay for college.
Work-Study: A federal student aid program that provides part-time employment while the student is enrolled in school to help pay for their education expenses. The student must seek out and apply for work-study jobs at their school.
Grants & Scholarships: Student aid funds that do not have to be repaid. Grants are often need-based, while scholarships are usually merit-based.
Federal Loans: Borrowed money that must be repaid with interest. Loans from the federal government typically have lower interest rates than private loans.
Federal Subsidized Loan: Loan to the student from the federal government where interest does not accrue while a student is enrolled in college. More info found HERE.
Federal Unsubsidized Loan: Loan to the student from the federal government where interest accrues while the student is enrolled in college. Student's can choose to pay the interest while enrolled or upon graduation when they enter the repayment period. More info found HERE.
Federal Parent PLUS Loan: Loan to the parents from the federal government. Parents must apply for the loan. More info found HERE.
FINANCIAL AID OFFER TOOLS
Use the "Financial Aid Offer" tab on your College Organizer spreadsheet to enter your financial aid offers as you receive them & compare the costs at the colleges you've been accepted to:
APPEALING FOR ADDITIONAL FINANCIAL AID
There are situations where colleges may be able to award additional financial aid to students if the cost is going to be a barrier to them enrolling. It is never a guarantee that a college will award more financial aid, but it can absolutely be beneficial to reach out to the financial aid office to ask! You can use the sample email template below if you need support drafting an email to the financial aid office: