The Process
After completing the Free Application for Federal Student Aid (FAFSA) -- and sometimes a secondary institutional application (check with the financial aid office or the school’s financial aid website to see which applications are necessary) -- the financial aid office at the school(s) you listed on the FAFSA will receive your Institutional Student Information Report (ISIR). The ISIR contains the financial information that you reported on the FAFSA, and from the ISIR (and sometimes the secondary institutional application) the financial aid officer (FAO) will determine your eligibility for aid at their school. This could be financial aid from the institution, federal government, or other programs.
The school will use the information from the ISIR to determine your aid eligibility for their school and send you an aid offer. It will be up to you to determine if you want to accept, decline, or modify the aid offer.
What's Included in an Aid Offer?
You should look at the aid package offered and compare it to the cost of attendance and the amount of money you will need to meet your needs and expenses. Review the Top 10 Questions Premeds Should Ask Medical School Financial Aid Officers for more tips and possible questions that can ignite conversation between you and the financial aid officer.
Terms to Understand
Grants and Scholarships are typically free money (also known as gift aid), that does not have to be repaid. Some of these resources may have qualifying terms and conditions, so be sure to understand the requirements.
Loans are often referred to as self-help and need to be repaid (often with interest). Loans may be obtained from a variety of lenders, including the federal government, schools, and/or private lenders. Find out if there are any loan origination fees associated with the loans you are considering as well as the interest rate for each loan.
Tuition and Fees are basic costs to attend and receive education at a specific institution. Along with fees for things like health services, insurance, or technology, these costs are paid directly to the school. Check the school’s cost of attendance for this information.
Cost of Attendance (COA) information is provided to students on an annual basis and includes the cost to attend the institution. It includes tuition and fees, books and supplies, food and rent, personal expenses, transportation, health insurance, technology, and other required fees. You do not need to borrow for the full cost of attendance. Borrow only what you need to cover your unmet costs. Setting a budget can help you determine how much you need to borrow.
Next Steps
Compare the aid offers you received from the schools you are considering. If you are receiving any other sources of aid not listed, inform the FAO at the other school(s). If the school requires additional action steps from you, be sure to follow their directions in a timely manner.
Most schools will require you to indicate the aid you want to accept. If you have any questions, call the financial aid office. They are there to help you through the aid process.
