Get in, we are breaking down financial aid award letters! 💸

Hiii!

And we are back with another Scholarship Junkies newsletter packed with all things educational content, news, updates, and scholarships! Just for you!

This edition is all about understanding your financial aid award letters! We break each section down into:

1. Different types of aid

2. How to prioritize the types of aid you want

3. Comparing financial aid award letters, and

4. Making your decision!

Plus, we share some scholarships you can apply to NOW, and some resources/events you can attend as soon as this week to help you!

You received a financial aid offer! What should you do now? Let’s break it down together! 

Money’s calling, don’t let this opportunity pass you by! Let’s get into it!

What is an award letter?

• After you submit your FAFSA/WASFA, you will receive a financial aid award letter from each college you applied to and you will be asked to choose which financial aid type you want.

• When you receive a financial aid award letter, remember it’s an offer. You can fully or partially accept the different types of aid they offered, or decline them entirely. We’re here to help you decide so you don’t have to do it alone!

*Note: Due to the delay in the release of the 2024-2025 FAFSA, financial aid packages may be delayed. If you have questions, get in touch with your colleges’ financial aid offices. 

1.

Understanding Different Types of Aid

Your financial aid award letter is essentially an offer!

It may be packed with different types of financial aid options such as grants, work-study, scholarships, and loans depending on your financial situation.

Here is what each of these mean:

• Grants: Free money based on financial need that you don't have to pay back, unless you withdraw from school.

• Scholarships: Check if you got any scholarships from the colleges that accepted you. These don't need to be repaid and are often included in your award offer.

• Work-Study: A program that lets you work on or off-campus to earn money for college expenses. It's funded by the federal or state government.

• Loans: Borrowed money that you have to pay back with interest. Loans are the strictest type of financial aid. You must pay back.

2.

How to Prioritize Funding Options

We strongly suggest that you prioritize accepting funding this way in order to reduce and avoid debt after college:

💸 Free money first! 

Scholarships and Grants. 

Examples: the Pell Grant, Washington College Grant (WCG), College Bound Scholarship, institutional scholarships, etc. It’s gifted money you don’t have to pay back! 

 💼  Then, earned money.

Work-Study (if available).

You do have to work for it, so you will have to balance work and classwork. But you don’t have to pay money back. 

🏦 Lastly, and only if absolutely necessary, borrowed money. 

Loans. 

This is money you borrow and pay back over time, with an interest rate added in most cases. Loans are the most unforgiving and you must pay them back.

3.

Comparing Financial Aid Award Letters

You will receive more than one letter if you listed several colleges in your FAFSA/WASFA application. 

Each financial aid award letter will be packed with different forms of financial aid options, depending on your financial need determined by your FAFSA/WASFA. Each school’s financial aid award will be different. You will have to review all the financial aid packages. 

When comparing award offers from different schools so you can make a more informed decision, determine your total real costs.

Here are a few questions you should consider:

🚗 Will you be traveling to and from campus a lot? 

What is the estimated cost for this?

📚 Can you buy used books or supplies for your courses? 

Get a general idea of your degree program’s book requirements. Reach out to the admissions office for more information. 

🛒 What types of personal expenses will you have during the year that you are aware of?

Create a budget if needed to help you understand and see your expenses more clearly!

🔁 Is your aid renewable?

This means it can be used each year until you graduate/get certification. Some scholarships and financial aid require you to maintain a certain GPA, and/or meet income requirements each year, to make them renewable. 

Tip: Check with the financial aid office if a specific scholarship or grant does not say if it is renewable. Also, there are plenty of scholarships that are not dependent on GPA or income requirements! 

4.

Making Your Decision

You reviewed your financial award letters! Now what? 

You can compare and contrast and select the award that best fits your budget and the one that covers the most of your college expenses.

Once you make your selection, then you are ready to make your decision!

Follow these steps:

1. Check the enrollment deadline changes of the colleges you’ve been accepted to, you can use this enrollment college directory tool to see the most up-to-date college deadlines.

2. Inform the college of any financial changes in your life since submitting your FAFSA/WASFA, for example, if you or your parents currently make much less money, or have 0 income, compared to what your FAFSA/WASFA shows. This can help you get more monies! 

3. Contact your college for next steps!

Woot woot! You did that!

Remember: You need to apply for FAFSA/WASFA annually. Each school year, you'll receive a financial aid award letter, which you must accept to cover your tuition for that year!

Scholarships, scholarships, scholarships!

If your award letter isn’t enough and you still have a gap to cover for your studies, do not freak out! Applying to scholarships is the best way to cover additional costs. And it’s free money!

Check out our featured scholarships for scholarships due between now and the end of June:

• EmPOWERED to Serve Scholars Program | $5,000 | June 7

• AmericanTrucks Student Scholarships | $2,500 | June 15

• Metal Supermarkets Trade School Scholarship | $2,500 | June 28

Events & Resources

FOR WASHINGTON STATE STUDENTS

Will you be a student at Highline College in the fall of 2024 and need help/have questions about financial aid? It’s not too late to apply!

Get FREE help with filling out the FAFSA/WASFA with Alimentando al Pueblo, and, get a grocery gift certificate for attending (while supplies last).

• Date: Friday, May 31, 2024 (this Friday!)

• Time: 6-8:30 PM 

• Location: 15003 14th Ave SW Burien, WA 98166

• English and Spanish help | Ayuda en Ingles y Español