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Finalizing Your College Decision
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Seniors, it's almost time to make your college decision! if you received an acceptance letter from a college or university that you applied to and you have filed the Free Application for Federal Student Aid (FAFSA) (and listed that college), you have undoubtedly received a financial aid award letter from every college you have been accepted to. |
Over the last few months, we have talked about different components of financial aid. In February's Varsity Letter we discussed federal work‑study and last month we talked about federal student loans. This month we will cover grants. If a student qualifies for a federal or institutional grant, the name of the grant (and the amount of the actual grant award) will appear on the financial aid award letter. What is the best part about grants? They don't have to be repaid!
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A Federal Pell Grant is awarded to students with exceptional financial need. The award amount is based on the cost of attendance, Expected Family Contribution (EFC) and enrollment status of the student. For the 2019‑2020 academic year, the maximum Pell Grant award is $6,195. |
Federal Supplemental Educational Opportunity Grant (FSEOG) is a federal grant program for undergraduate students with exceptional need; FSEOG grants are awarded by the school's financial aid office. The maximum FSEOG award is $4,000. |
But wait ‑ there's more! If your award letters include other items listed as grants, this means the grant is being offered by the college itself and is considered an institutional grant. The same principle applies however ‑ these are funds that do not need to be repaid. . |
If you have yet to receive a financial aid award letter from a college you’ve been accepted to, contact the school’s Financial Aid Office immediately to inquire if it has been sent, and ask how it has been sent (Is it snail mail? Was it emailed? Has it been posted in your portal?). |
Would you like the opportunity to sit down and discuss your award letters and financing options? |
Our college counselors are available for individual appointments at our Concord campus to help you and your family compare your financial aid award letters. Our counselors can help you decipher the various components of your award and explain your next steps. We are also here throughout the summer to help you with the funding options process. Call 888.747.2382, ext. 119 for an appointment.
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Remember, most colleges require you to confirm your acceptance with a non‑refundable deposit by the National Candidate Reply Date, which is Wednesday, May 1, 2019. Be sure to check all your paperwork to confirm any further items needed.
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