Understanding your Financial Aid Award Letter (financial aid offer)

This video provides an overview of a sample financial aid award letter for an undergraduate student at a college in the United States. After being accepted to a college, a student will receive an award letter in the mail that lists the different types of financial aid that the student is being offered. This aid includes federal grants, federal work-study, federal loans, state grants, and institutional scholarships and grants (those coming from the college's own money). Students must then decide whether to accept or reject each type of aid. Students should always accept grants and scholarships because they do not have to be paid back- this is essentially free money. Students should also accept federal work-study funds, at least until they find out what type of work they will be asked to do (they might be offered a job in the library where they can do their homework and get paid at the same time). Loans are the least attractive type of aid and should be accepted with caution. Subsidized loans are the best because the government pays the interest while the student is in college. Unsubsidized loans begin accruing interest from the first day the loan is disbursed and thus are the least attractive type of aid aside from private loans. (Federally unsubsidized loans are more attractive than private loans from banks, because the federal government provides more flexible repayment options, loan forgiveness opportunities, and more generous credit terms. Private loans are the last option and should be avoided if at all possible.)
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Пікірлер: 88

  • @myrao819
    @myrao8196 жыл бұрын

    I SOOOOOOOO NEEDED THIS VIDEO!!!!! THANK YOU!!

  • @Edspira

    @Edspira

    6 жыл бұрын

    Awesome. Thanks for watching Myra!

  • @guardiandogoargentinos1385

    @guardiandogoargentinos1385

    4 жыл бұрын

    @@Edspira can i get some one on one help via email? I have brain damage and I just want to take these beekeeping courses and try to make some money off of grants simultaneously so I can get a car but it's hard for me to figure out simple things like paperwork....Things that stress me out kind of black out my consciousness. I've been trying to figure all this out for a few years believe it or not. Everyone i ask for help doesn't know how to help and I'm not gettin too far on my own sadly...

  • @HaulywoodReviews
    @HaulywoodReviews5 жыл бұрын

    This helped a lot. Thank you for posting this. It answered a lot of my questions.

  • @justjesss9051
    @justjesss90515 жыл бұрын

    Wow this is really informative. Thank you so much for this video

  • @a1fraydough
    @a1fraydough4 жыл бұрын

    Bro so simply explained. Thank you!

  • @tiptip5491
    @tiptip54915 жыл бұрын

    This information was so helpful. Thank you!😊

  • @erickpeculiar823
    @erickpeculiar8234 жыл бұрын

    Thank you for making this video. It was very helpful

  • @soylayazz12
    @soylayazz123 жыл бұрын

    Thank you so so so so much for this information, I greatly appreciate it!

  • @theonegreyjoy7403
    @theonegreyjoy74036 жыл бұрын

    Thank you so much! This is much needed! Thank you!

  • @Edspira

    @Edspira

    6 жыл бұрын

    No problem. I wish you the best!

  • @ceca1113
    @ceca11136 жыл бұрын

    When you just starting collage did financial aid pay first payment or I should pay then they send me money??

  • @taybandssss
    @taybandssssАй бұрын

    Thank you for this financial aid break down

  • @clarisse2410
    @clarisse24105 жыл бұрын

    THANK YOU SOOOO MUCH FOR THIS !!!

  • @krishpatel9873
    @krishpatel98734 жыл бұрын

    I have millennial parents that dont know anything this was very helpful

  • @jordanconstantino10

    @jordanconstantino10

    3 жыл бұрын

    Try explaining this to my boomer parents that didn’t finish high school. Ughhh

  • @lauraelshire3725
    @lauraelshire37257 жыл бұрын

    that's a way to understand it easy

  • @kanwalshahzadi2991
    @kanwalshahzadi29914 жыл бұрын

    What does no pending aid mean even i registered for classes and i dont have any charges but still why my facsa is not in pwnding

  • @jillh1731
    @jillh17316 жыл бұрын

    Great video, thank you!!! Question...what are the options for the unmet needs, besides the parent loan?

  • @Edspira

    @Edspira

    6 жыл бұрын

    In some cases you may be eligible for a PLUS loan (check with your financial aid office to verify). But the most common option if for the student to get a part-time job

  • @mixtapemania6769
    @mixtapemania67695 жыл бұрын

    So nothing bad happens if you reject, right? They won't stop offering you aid for following semesters?

  • @hughballs
    @hughballs5 жыл бұрын

    Please reply , I filled out the other fafsa for dreamers when will I get results

  • @Robert-dx7rj
    @Robert-dx7rj3 жыл бұрын

    I received a letter from Dept. of ED. saying my school intends to distribute this net amount on May 19th 2021. It's not in my account and their negative signs where positive signs should be. Help!

  • @servinxo
    @servinxo Жыл бұрын

    If I was returned grant money and decided to do a work study is that classified as overpayment/overaward?

  • @kanwalshahzadi2991
    @kanwalshahzadi29914 жыл бұрын

    I did took off fall smester amd since i m freshman i m starting my college this spring smester

  • @Dermetsu
    @Dermetsu4 жыл бұрын

    I really wish I got 25k in grants and scholarships for two terms hahaha.

  • @estefanyrobles957
    @estefanyrobles9574 жыл бұрын

    If you reject the loans will they offer you more aid

  • @luceroblume
    @luceroblume3 жыл бұрын

    What about for a grad student?

  • @Meow-cm7cx
    @Meow-cm7cx5 жыл бұрын

    Good video

  • @jvazquez_jjv
    @jvazquez_jjv5 жыл бұрын

    Thanks a lot

  • @Edspira

    @Edspira

    5 жыл бұрын

    No problem!

  • @nicolesanchez9908
    @nicolesanchez99085 жыл бұрын

    I have a question, when I pay for my tuition with a meal plan and housing what does that mean travel and books I don’t have to pay?

  • @the_solution2932

    @the_solution2932

    4 жыл бұрын

    Idk

  • @jerryspann8713
    @jerryspann87135 жыл бұрын

    But how do you accept these grants.

  • @cloudgamer178

    @cloudgamer178

    3 жыл бұрын

    You click accept

  • @realballer6106

    @realballer6106

    3 жыл бұрын

    @@cloudgamer178 😂

  • @2kelhadj215

    @2kelhadj215

    3 жыл бұрын

    @@cloudgamer178 😭😭😭

  • @AnthonySmith-tz3kh

    @AnthonySmith-tz3kh

    3 жыл бұрын

    Grants are normally accepted automatically since they are “free money” you don’t have to do anything

  • @Gserrano27
    @Gserrano275 жыл бұрын

    *REJECTS SCHOLARSHIPS TO ASSERT DOMINANCE*

  • @miriamart9712

    @miriamart9712

    2 жыл бұрын

    What? 😆

  • @nicole8578
    @nicole85783 жыл бұрын

    accepting doesn’t mean you’re committing to the school right?

  • @i.c.stupidpeople4590
    @i.c.stupidpeople45905 жыл бұрын

    Federal Perkins loan is no more...

  • @soylayazz12
    @soylayazz123 жыл бұрын

    I got confused on the last 10 seconds.... So, if my need is not fully met... I pay the left over plus EFC???? wasn't EFC already deducted from the total need???? Please answer me... Thanks so much!

  • @maryanngomes2949

    @maryanngomes2949

    3 жыл бұрын

    That’s what I’m confused about

  • @soylayazz12

    @soylayazz12

    3 жыл бұрын

    @@maryanngomes2949 I was looking for more information and I am pretty sure that's how it goes. Leftover plus EFC needs to be pay. If no leftovers than EFC is the only amount to pay. Let's hope they answer us.

  • @_danieljr
    @_danieljr5 жыл бұрын

    Ok so I accepted 11k in grants specifically. I’m nervous if there’s a catch because I find it so unreal to have 11k for free. I’m enrolled in 12 units and my CSU does quarter system. If I wanted to drop for winter quarter before classes started. Will I have to pay back?

  • @yaboycody4633

    @yaboycody4633

    5 жыл бұрын

    Grants are free my guy

  • @noelblackwell1908

    @noelblackwell1908

    5 жыл бұрын

    If they applied the money to the quarter you are enrolled in and want to drop then yes, u will have to pay that portion back. And if you don’t they will not offer you any more grants until you do. But once you do they freely offer it to you again. Hope that helps!

  • @christianstadler6099

    @christianstadler6099

    2 жыл бұрын

    Don’t drop

  • @DestinySerrano
    @DestinySerrano5 жыл бұрын

    Does anyone know how to accept the Pell Grant? I have no idea about any of this. I got offered a cal grant and a Pell Grant! But I don’t know how to accept them!!!

  • @Edspira

    @Edspira

    5 жыл бұрын

    You should receive a financial aid award letter from your university, with options to accept or reject each type of aid you are being offered. If you haven't received this, contact your university's financial aid office to ask for your financial aid award letter

  • @lovedallas2112

    @lovedallas2112

    3 жыл бұрын

    You need to log in to your schools app. You should have recieved and ID number to create your account. Then you log in and go from there.

  • @DestinySerrano

    @DestinySerrano

    3 жыл бұрын

    Chloe Love I got it lol, with my school you just automatically get it unless you reject it. Thank you!

  • @lovedallas2112

    @lovedallas2112

    3 жыл бұрын

    @@DestinySerrano lol..of course you got it! I didn't even realize this was a year ago!!😂 Goodluck w your school!👍

  • @dmeads5663
    @dmeads56635 жыл бұрын

    I’m still kinda confused about the federal work study loan.

  • @Edspira

    @Edspira

    5 жыл бұрын

    Here's a video that covers that topic in more depth: www.edspira.com/topic/federal-work-study/

  • @casswright9189

    @casswright9189

    4 жыл бұрын

    Work-Study is not a loan. It's an opportunity for you to work on either the campus or the community. You have to check with the financial aid office to see if you qualify for a work-study job.

  • @dmeads5663

    @dmeads5663

    4 жыл бұрын

    Cass Wright bro you’re way late, I’ve known this for a while now.

  • @moonchildx389
    @moonchildx3895 жыл бұрын

    if i already got my award letter but i applied to scholarships that won't be awarded until the summer, will they be added later on or did I need to wait before accepting the initial awards?

  • @jungkookthegoldenmaknae1237

    @jungkookthegoldenmaknae1237

    3 жыл бұрын

    hi, so do you know?

  • @moonchildx389

    @moonchildx389

    3 жыл бұрын

    @@jungkookthegoldenmaknae1237 they would be awarded to you for the fall term and should be automatically added. If there's any issue you just need to show the financial aid office at your uni your award letter and they should fix it. But my scholarships were automatically added (:

  • @jungkookthegoldenmaknae1237

    @jungkookthegoldenmaknae1237

    3 жыл бұрын

    @@moonchildx389 thanks

  • @glitznailsbazaar3023
    @glitznailsbazaar30236 жыл бұрын

    Does work study affect loans?

  • @kimberlyjohnston8099
    @kimberlyjohnston80994 жыл бұрын

    As per U.S. News & World Report Arianne Hutchins (July 24, 2019) the Perkins loan no longer exist.

  • @Lion-og5ey
    @Lion-og5ey4 жыл бұрын

    Do you get the award letter after you say your going to the college

  • @naomimcgregor4409

    @naomimcgregor4409

    4 жыл бұрын

    Lion 123 normally colleges send your award letter along with your acceptance letter

  • @aafx3083
    @aafx30833 жыл бұрын

    I’m very confused, my letter says the cost for me to attend the school is $25,000 but direct costs payable to my school is $22,604. So does that mean they’re covering that portion or i have to with the help of student loans ?

  • @miriamart9712

    @miriamart9712

    2 жыл бұрын

    Which was it??

  • @mikelowry5061
    @mikelowry50615 жыл бұрын

    you say if you "accept" these grants... yet how do you accept them or know what you're being offered?

  • @organicsmurf5850

    @organicsmurf5850

    5 жыл бұрын

    Have you found the answer?

  • @DestinySerrano

    @DestinySerrano

    5 жыл бұрын

    Bryan Historia I need to know too! 😫

  • @mikelowry5061

    @mikelowry5061

    5 жыл бұрын

    Bryan Historia unforunately no

  • @jungkookthegoldenmaknae1237

    @jungkookthegoldenmaknae1237

    3 жыл бұрын

    @@mikelowry5061 do u know? now? i mean...

  • @shomoy7396
    @shomoy73964 жыл бұрын

    Yo can someone help me. The school website on financial aid is telling me that for fall 2019 I got amount awarded $3097 but amount Disbursed $1549 . So is the school going to keep the rest of the money or what.

  • @Pinkbubble

    @Pinkbubble

    4 жыл бұрын

    Shomoy Scott same situation happen to me did you find out why that happened if so could You inform me too

  • @nellyhatesjelly

    @nellyhatesjelly

    4 жыл бұрын

    The award is separated per semester!

  • @heavensangel21.

    @heavensangel21.

    3 жыл бұрын

    Did you figure it out?

  • @majorslav8138
    @majorslav81383 жыл бұрын

    I got a presidents scholarship, academic excellence. 84k, 21k per year.

  • @rjtheripper931
    @rjtheripper9316 жыл бұрын

    Why do they base your financial aid on your parents income and not your own?

  • @tajfoushee9693

    @tajfoushee9693

    6 жыл бұрын

    Until your 25 or independent situation you are under your parents responsibility. Check with your college to see there rules.

  • @cdh0879

    @cdh0879

    6 жыл бұрын

    To give you the least amount of aid possible

  • @ignauciowitherspoon1618
    @ignauciowitherspoon16184 жыл бұрын

    play at 1.25x

  • @amytru3606
    @amytru360611 ай бұрын

    If you dont graduate you WILl have to pay it back!!

  • @jcorrea6892
    @jcorrea6892 Жыл бұрын

    Can I hire you for an hour ? XD

  • @heavensangel21.
    @heavensangel21.3 жыл бұрын

    I’m so excited for my refund check, anyone else getting one? 😛

  • @thelifeofro5946

    @thelifeofro5946

    3 жыл бұрын

    I’m getting like 1k 😩. Can’t wait for that

  • @ppharaoh5421

    @ppharaoh5421

    2 жыл бұрын

    @@thelifeofro5946 how do you know how much you get

  • @thelifeofro5946

    @thelifeofro5946

    2 жыл бұрын

    @@ppharaoh5421 It shows a negative number in your student account. Also in your bank account, once they send it, it shows you the amount deposited