What are the Financial Aid Award Letter and Financial Aid Award Acceptance Letter?
Financial Aid Award Letter
The Financial Aid Award Letter is an official notification to the student from Keystone College indicating the financial aid for which s/he qualifies for a given academic year or term(s). Award Letters are constructed yearly and are highly individualized. One of the main contributors to the individualization of an award letter is a student’s need. Need is calculated by subtracting the Expected Family Contribution (EFC) from the Cost Of Attendance (COA). Need is calculated yearly upon the student’s annual completion of his/her Free Application for Federal Student Aid (FAFSA). The Award Letter may consist of, but is not limited to grants, scholarships, federal or private loans, and work study programs. Included with all Award Letters is a Financial Aid Award Acceptance Letter.
Financial Aid Award Acceptance Letter
The Financial Aid Award Acceptance Letter is the form utilized by the student to officially accept the financial aid package provided to them by Keystone College Additionally, the letter restates all the financial aid awards offered and notates any requirements necessary for disbursement of the awarded aid. The Award Acceptance Letter must be signed and returned to the Financial Assistance & Planning Office promptly. If the Award Acceptance Letter is not returned in a timely fashion the student risks possible forfeiture or reduction of awards.
A student may receive multiple Financial Aid Award Letters and Financial Aid Award Acceptance Letters throughout the academic year due to a variety of reasons (i.e. receipt of additional aid, changes in eligibility, changes in the availability of funding, etc…)