A financial aid award letter explains the amount and types of financial aid your school has offered you. Financial aid award letters are also called financial aid offers and financial aid package. Here you will find some information about the award letter including financial aid vocabulary and tips on how to read the letter.
Financial Aid Award Letter Vocabulary
Grant - Money that does not need to be paid back (often from government)
Pell Grant - From FAFSA
PA State Grant - From PHEAA
Loan - Money that DOES need to be paid back (there are different types of loans)
Subsidized Loan - You aren't responsible for interest until after graduation
Unsubsidized Loan - Interest begins building immediately
Scholarship - Money that does not need to be paid back (comes from different sources and ways to earn)
Last Dollar Scholarship
Benjamin & Fredora K. Wolf Memorial Fund
Your school might use different names for your awards in the letter or invoice
Many grants change amount of money every year
Most scholarships have requirements to maintain (academic or other)
Check out this video from PHEAA about what is a financial award letter!
Check out this video that gives you 4 tips on how to read award letters!
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