{"id":1238,"date":"2017-01-04T19:02:27","date_gmt":"2017-01-04T19:02:27","guid":{"rendered":"http:\/\/blogs.stthom.edu\/dome\/?p=1238"},"modified":"2017-10-09T12:26:14","modified_gmt":"2017-10-09T17:26:14","slug":"5-tips-to-understanding-your-financial-aid-award-letter","status":"publish","type":"post","link":"https:\/\/blogs.stthom.edu\/celtadmissionsblog\/freshmen\/5-tips-to-understanding-your-financial-aid-award-letter\/","title":{"rendered":"5 Tips to Understanding Your Financial Aid Award Letter"},"content":{"rendered":"

What Is a Financial Aid Award Notification Letter?<\/strong><\/p>\n

A financial aid Award Notification Letter\u00a0is the letter sent by colleges or universities\u00a0to students who have applied for financial aid notifying them of their financial aid award. Financial aid award letters are sent in the winter to students who completed the early FAFSA in the fall.<\/p>\n

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\"The<\/p>\n

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All financial aid award letters are different and the packages they come in all contain additional reference materials you will need to review to successfully complete the financial aid award process.<\/p>\n

When the package arrives, please start by looking for the following on each letter:<\/p>\n

Have a question? Contact a Financial Aid Counselor Today!<\/a><\/strong><\/p>\n

Types of Financial Aid<\/h1>\n

Scholarships<\/h2>\n

Your financial aid scholarship<\/a> award is generally contingent upon completing a required number of credit hours, attaining a minimum GPA and\/or performing a certain amount of service. If you are awarded a performance scholarship, such as for music, the requirements may also involve performing a certain number of events. Your scholarship award letter will detail any requirements for maintaining the scholarship.<\/p>\n

You\u2019ll want to verify whether or not the scholarship is renewable and if so, whether or not the renewal criteria (like those referenced earlier) are doable for you.<\/p>\n

New university scholarship recipients must submit a signed \u201cScholarships Terms and Conditions\u201d form to the Office of Financial Aid before funds will be applied to their student account. Be sure to read the scholarship letter carefully to identify any paperwork you must complete in order for funds to be distributed.<\/p>\n

State and Federal Educational Grants<\/strong><\/p>\n

There are several different types of financial aid grants you may receive, such as the Pell Grant<\/a> or Supplemental Educational Opportunity Grant<\/a> (SEOG). There are also state grants such as Texas Equalization Grant<\/a> (TEG) and Texas Public Educational Grant (TPEG). Or you may receive a grant from your university.<\/p>\n

Grant financial aid is based on financial need and is free money. Most federal grants for college do not require an additional application, but some \u2013 such as the Texas Equalization Grant (TEG) \u2013 do. If additional steps are necessary, check the reference materials within your financial aid awards package or grant award letter for the guidance.<\/p>\n

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Work Study<\/h2>\n

How does federal work study financial aid work? Work study awards<\/a> operate differently at every school. Just because you\u2019ve been offered a work-study award doesn\u2019t obligate you to accept it, nor does it guarantee you will receive it. After all, you may find a better job off-campus. There are a lot of details to research upon receiving this award. For instance:<\/p>\n