Most colleges send out financial aid award letters about 1 – 3 months after receiving your FAFSA information. However, the timeline for sending award letters for financial aid may vary among schools, vary based on how you applied (for example early decision vs. regular decision), and a few other factors.
Understanding what these factors are and when to expect this letter can help you plan better while easing your stress as deadlines approach. With that in mind, here’s a walk-through of the process, what impacts the timing, and common reasons why students don’t all get their letters at the same time.
What Is a Financial Aid Award Letter?
The financial aid award letter is an official notification from a college or university that explains two things – the total college bill for each student and the financial aid being offered.
Your financial aid award letter breaks down the total amount it will cost for you to attend that college for the academic year. This covers details of direct costs (tuition and fees) and indirect costs (books and living expenses).
The letter also contains details of the types and amount of financial aid the college is offering you. This includes federal and state grants, scholarships from the school, work-study eligibility, and any loans you qualify for. In the letter, you will find details of which aid is free (scholarships and grants), which needs to be paid back with interest (loans), and which you will need to work to earn (work study). The letter highlights how your college bill might be covered and, most importantly, what you’ll need to pay out-of-pocket.
These details help you compare offers across schools, so you can make better decisions regarding school choices. When the letter arrives, take time to read it thoroughly – this is your budget for college.
From FAFSA Submission to Award Letter Delivery
Here’s a breakdown of the process from the time you submit the FAFSA to the time you receive the award letter for financial aid:
First, you have to file the FAFSA (Free Application for Federal Student Aid). This typically becomes available on October 1 of each year and closes by June 30 the following year.
You can list up to 20 colleges on your FAFSA form. All colleges listed on the form receive your FAFSA data one day after it is processed. These colleges review the information and calculate your financial need based on your FAFSA details and their own cost of attendance.
The time it takes to put together a financial package for each student varies among schools depending on their internal processes. Sometimes, this review can take longer if the student gets flagged for verification and the school requests more documents.
When Are Award Letters for Financial Aid Sent Out?
The timelines for sending the award letters for financial aid vary based on a few different factors such as your FAFSA submission date and the type of admission you’ve applied for. Here’s a look at the expected dates for the different scenarios:
Early Decision
Applying Early Decision means you’re committing to one school. Because you apply sooner, sometimes by November or December, you often get your acceptance and financial aid letter earlier as well. Many early decision applicants learn both admission and financial aid news by mid-December or January.
Early Action
This plan is less binding, but still faster than regular. Award letters for Early Action are usually sent out in January or February. This gives you time to compare offers without rushing into making a choice.
Regular Decision
For Regular Decision applicants, schools wait until after the application window is closed to make their final admission decisions. In this case, you’ll receive your acceptance and award letter a bit later, sometimes around March or April.
Rolling Admissions
Here, schools review applications as they come in. That means you might get your financial aid award letter within weeks of being accepted, anytime during the admissions season.
Your FAFSA Submission Date
Yes, this does impact when you receive your award letter. The earlier you complete the Free Application for Federal Student Aid (FAFSA), the better. Students who apply soon after the FAFSA opens in October often receive their award letters sooner because they’re at the front of the processing line.
Your choice of application plan sets the pace for the rest of your financial aid process. The sooner you apply, the sooner you can see your aid package—and start your planning. Remember, your aid package may change if there are updates to your FAFSA or if you send the form to more colleges later.
7 Factors That Influence the Timing of Your Award Letter
- When you submit your FAFSA: Submitting early often means faster processing, which means you’ll receive your financial aid award letter earlier.
- Verification: Verification is a routine process where a school asks for additional documents to verify your information. If your FAFSA is selected for verification, this can delay your award package until all requested documents are submitted and reviewed.
- Admissions timing: You can expect to receive your financial aid award letter earlier if you apply Early Decision/ Early Action and later if you apply Regular Decision.
- Rolling admissions: Rolling admissions colleges evaluate applicants on a first-come, first-served basis, and financial aid letters are sent out as decisions are made.
- School-specific deadlines: Some schools release award letters as soon as they admit a student. Others wait to send them out in set batches, maybe only twice a season. This can impact when you receive your letter.
- Number of FAFSA applications received: The number of FAFSA applications the school receives can also impact when you get your financial aid award letter. It takes time for a college to process each FAFSA and calculate each admitted student’s eligibility for financial aid. The more FAFSAs they receive, the longer it may take for the school to send out your letter.
- State Grants and Deadlines: Every state has its own unique rules and grant deadlines. If you’re hoping for a state grant, your award letter might not be finalized until state funding decisions are made. In some states, your school can’t send your final award letter until they know if you qualify for local grants.
It helps to stay updated on your schools’ and states’ aid timelines to avoid unnecessary frustration.
How You’ll Receive Your Award Letter for Financial Aid
Colleges use a few different ways to deliver your award letter, so it’s important to keep an eye on all potential channels. Some schools will email students, others will post it to the student portal, and some still send paper letters through the mail.
Check your school’s financial aid page or reach out to their office to ask how they communicate award letters. Be sure to regularly log in to your application or student account portal, as schools may also leave alerts or requests for more documentation there. Staying on top of things helps you make your next move, whether that’s comparing offers, appealing for more aid, or planning how to pay for college.
What to Do If Your Award Letter is Delayed or Missing
If your financial aid award letter hasn’t shown up when you expected:
- Double check that all your forms and documents actually made it to the right place. Missing or incomplete information is the most common reason for delays.
- Log into your student portal at each college where you’ve applied. Look for a financial aid section showing your application status, required documents, and what’s been received.
- Review your FAFSA confirmation. Make sure your FAFSA was processed and sent to the correct colleges. Check the document checklist at each college’s financial aid office online and verify that you haven’t missed anything.
- Look for messages or emails from schools (make sure to check your spam folder). Colleges may have tried to contact you if they need extra paperwork or clarification.
If your application is complete and you still haven’t received your award letter, call the school’s financial aid office. When you reach out, state your full name, student ID, and a short explanation saying you submitted all documents and am waiting for your award letter. Ask about updates or if you need to submit any documents.
After a call, send a short email repeating your request. This creates a record and makes it easy for staff to reply when possible. If you live nearby or have a campus visit coming up, visit the financial aid office and speak to the staff directly.
You’ve Received Your Financial Aid Award Letter – What Next?
You may receive multiple financial aid award letters depending on which schools have accepted your application. After receiving each letter, read it in detail. Make a note of the cost of attending that school, different types of financial aid you’ve been offered, and exactly what’s included and what’s excluded. Calculate how much money you’ll need to pay from your personal savings.
Compare financial aid award letters to see which school is giving you the best deal. This will allow you to make a more informed decision about which school offer you should accept based on the cost of attendance. Don’t hesitate to contact the school’s financial aid offer if you need clarifications on any of the terms in the award letter.
What if the Financial Aid is Not Enough to Cover Your College Costs?
College tuition is expensive. Financial aid isn’t always enough to cover the total cost of attendance, which means you’ll have to pay out of your own pocket to cover the funding gap. If this amount is absolutely unaffordable for you, you can appeal your financial aid package.
This involves writing an appeal letter to the school’s financial aid office requesting additional aid based on your family’s financial circumstances. The school may ask you to submit additional documentation supporting your request for more aid. Most schools do consider requests for additional aid if they have funds left over from their allotment for the year.
When financial aid is still not enough:
- You can keep searching and applying for scholarships.
- Apply for private student loans.
- Consider getting a part time job.
Waiting for your financial aid award letter can be nerve-wracking but knowing when to expect it can help you stay on top of your college planning. Submitting your FAFSA early, checking your application portals regularly, and responding quickly to requests for documents can all help ensure you get your financial aid award letter on time.
For more information on financing your college education, read more informative articles and use the virtual tools available on the College Raptor website.
