Seeing a financial award letter for the first time can be very overwhelming, but understanding the different components are very important to your finances and future. Once you have completed the FAFSA, your financial aid award letter from your university or college will list which scholarships and grants you are eligible for and whether they are federal, state, or private student loans. Each option has its own benefits and considerations, and understanding the letter can help make your transition to higher education easier.
Additionally, a number of schools offer unique assistance for students applying for financial aid. Take the University of Dayton, for example. They have their own financial aid department that is designed to assist students with their unique academic needs. This school also offers students help through their financial advisor, who can be reached via phone. Aside from this, they offer state grants, as well as federal and external assistance. Additionally, this particular University offers online classes, which are another great way for students to save money while attaining their educational goals.
The infographic below from Citizens Bank breaks down the financial award letter in an easy-to-understand format, helping you to make the best decisions for your individual situation.