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Financial aid offer changing with new FAFSA

By Catherine Mueller

November 30, 2023

Financial aid offers will look a little different next year – thanks to some changes to the FAFSA.

The U.S. Department of Education recently released an updated version of the sample College Financing Plan (often referred to as a financial aid offer or award letter).

Mapping Your Future created a version of the sample financial aid offer with captions to help students, parents, and other professionals understand the financial aid offer.

Here are five things to consider when reviewing a financial aid offer:

1. Understand the different types of financial aid. There are different types of financial aid, some have to be repaid and some does not.
2. Be aware of any requirements or obligations. Grants and scholarships are usually the best kind of financial aid because they typically don’t have to be repaid. However, grants and scholarships may have requirements (such as maintaining a certain grade point average or attending regular meetings) or obligations (such entering a specific career field).
3. Know that you can accept or reject any or all of the aid offered. Just because financial aid is offered doesn’t mean you have to accept it. If you reject any financial aid, be sure you have other funds to pay for your education.
4. Watch for additional applications or forms to complete. Although the FAFSA is the base form for many types of financial aid (federal, state, institutional, and some private scholarships), many forms of financial aid require additional applications or forms before a student receives the funds
5. Compare financial aid offers carefully. If a student is considering multiple schools and the amount of financial aid is a deciding factor, then it’s important for the student to compare the offers.

Students and parents should note that financial aid offers for 2024-25 may be delayed due to the delay in the release of the FAFSA.