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 plan; purchase 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):