FSA Award Package (2024)

FAQs

Should I accept a financial aid award? ›

No, you don't have to accept all of the financial aid offered to you. However, it is still very important to note that it is okay to accept all of it. If you believe the financial aid options are favorable to your circumstances, then it is totally fine to accept it.

You'll get a pass if you are below the income threshold for the year and file certain types of tax returns. Certain states, like California, do require you to answer questions about assets to determine eligibility for state aid, even if you aren't required to answer those questions for federal aid purposes.)

Decoding Your Financial Aid Award Letter. The letter will include the annual total cost of attendance and a list of financial aid options. Typically, your financial aid package will be a mix of gift aid, meaning financial aid that doesn't have to be repaid, and loans, which you have to repay with interest.

Need based grants examples include the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG) and state-based grants. In other words, always say “yes” to grants if your child receives them on the financial aid award! However, check into the requirements for the grant.

Appeals aren't always successful —- my success rate for my clients is a little more than 50 percent. But by using these tips, you can increase your chances of success right from the start.

If you meet the conditions of your appeal, then your appeal approval will be extended to the next term within the same academic year. Appeals are only reviewed for one academic year at a time unless otherwise noted. Do SAP appeals usually get approved? Appeals are only accepted once, at the end of spring semester.

Your financial aid award letter will include information about how much your college is offering you in grants, scholarships, work-study, and student loans. The letter may also include the estimated cost of one year of attendance (COA) at the college. This money is not going to be given to you.

The SAI formula calculates the total financial resources of you and your parents (or spouse in some cases) then deducts the minimum amount needed for your family's normal annual living expenses. The remaining amount may, in part, be allocated for college expenses.

How much money does FAFSA give? ›

If you do not grant authorization your aid will continue to be applied to your account as it always has been, only covering allowable charges.

You should only borrow what is needed. If your living expenses aren't going to be as high as the amount estimated by the school, you have the right to decline (turn down) the loan or request a lower loan amount.

The schools will then offer it to you and then you will decide what you want to accept or decline. There is no fee to file this form and you have the option of declining all aid offered financial aid if you choose to do so.

The type of aid you receive after filling out the FAFSA determines if you need to pay it back. Grants, scholarships, and work-study money don't need to be repaid but have finite funding limits. You will need to repay subsidized, unsubsidized, and Direct Plus Loans.