What’s an Aid Offer?
You’ve applied for financial aid and received your aid offer, but what does it really mean? Have you been offered grants and scholarships, or will you need to borrow and pay back student loans? Are the loans offered through the federal government or will they be paid back to the school? Understanding your financial aid offer can be a little confusing, but armed with the following information, you will be better equipped to read and understand your financial aid eligibility.
Understanding Your Aid Offer
After completing the (FAFSA), 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. From the ISIR, and sometimes a secondary institutional application (if required by the school), the financial aid officer (FAO) will determine your eligibility for programs from the institution, federal government, or other sources of aid. Once finalized, the aid offer will be provided to you and most schools will require that you indicate acceptance of the aid offered. Your offer will list various forms of financial aid you are eligible to receive; however, you will need to decide if you want to accept all the aid offered, or if you want to adjust the offer to fit your needs. Some students will decide to decline a portion of the loan, if all the loan funds are not needed.
What Should You Look for in an Aid Offer?
Terms to Understand
Grants and Scholarships
Tuition and Fees
Cost of Attendance
Resources to Help You:
- (see Grants, Fellowships and Scholarships)
AAMC Financial Wellness
Education Debt Manager (EDM) for Matriculating and Graduating Medical School Students
655 K St., NW, Suite 100
Washington, D.C. 20001-12399