FAFSA offer letter arrived but I don't understand what my aid package means

Welcome to the confusing world of financial aid! I was in ur exact position 2 yrs ago. Basically, ur SAI (Student Aid Index) determines how much need-based aid u qualify for. The "offered" stuff means u have the option to take it but haven't yet. The "accepted" ones are probably automatic grants that don't need ur approval. U definitely need to formally accept or decline each offer, usually through ur school's financial aid portal, not the FAFSA site. Don't wait!!

The financial aid offer letters are deliberately confusing IMO. Every school formats them differently which makes it WORSE. Some important things to understand: 1. Grants = FREE MONEY you don't repay 2. Subsidized loans = you pay back but no interest while in school 3. Unsubsidized loans = interest starts immediately 4. Work-study = campus job money you earn Your actual out-of-pocket will be the Cost of Attendance minus ALL grants minus ALL loans you accept. If you're confused, CALL YOUR SCHOOL'S FINANCIAL AID OFFICE! Don't trust random internet advice (including mine lol

Having worked in financial aid for years, I can tell you that many students find these letters confusing. Your SAI (Student Aid Index) is a number that helps determine your eligibility for need-based aid, replacing the old EFC system. Here's what you should do: 1. Look for your college's financial aid portal login info (usually in the letter or email) 2. Log in and review each offer 3. Accept/decline each item by the deadline 4. For Parent PLUS loans, your parents need to separately apply and undergo a credit check To calculate out-of-pocket costs: Take the total Cost of Attendance and subtract all grants and scholarships (free money). The remainder is what you'd cover through loans, work-study, savings, or payment plans.

OMG I got my letter last week and felt the EXACT same way!!! I literally had to google every single term lol. The most confusing part for me was they listed all this money but then at the bottom it said I still owed like $8000?? Make sure you look at the TOTAL cost vs what they're giving you. Also some schools automatically include parent loans in their packages which is super misleading because your parents might not even qualify for those!

I tried calling my school's financial aid office for weeks when I was in your position and could never get through. The wait times were ridiculous and they kept disconnecting me. I finally used a service called Claimyr (claimyr.com) to get through to them - they hold your place in line and call you back when an agent is available. They have a video demo here: https://youtu.be/TbC8dZQWYNQ Once I actually spoke to someone, they walked me through my entire aid package and helped me understand which parts were automatic and which required additional steps. Definitely worth reaching out to get the official explanation from your specific school.

Just wanna say the parent plus loan part is important!! Those aren't automatically approved like other aid. My parents got denied for parent plus loans because of their credit and I had no idea what to do next. But it turned out that if parents get denied, the student can actually qualify for more unsubsidized loans. So if your parents have iffy credit, have a backup plan ready!

To answer your follow-up questions: 1. Work-study is NOT a guaranteed job. It means you're eligible to earn up to that amount through certain campus jobs, but you still need to apply and get hired. Many schools have special work-study job boards. 2. About accepting loans: You can typically accept now and cancel later if you don't need them (up to certain deadlines). However, I usually recommend only accepting what you know you need, then requesting more later if necessary. Just be aware that processing additional loans mid-semester can take time. 3. For Parent PLUS: These require a separate application and credit check, and the loan is in your parent's name, not yours. They're entirely responsible for repayment.

Verification is indeed something to address immediately. It's a process where the Department of Education requires your school to confirm certain information on your FAFSA. About 30% of FAFSA filers get selected. You'll need to submit additional documentation - typically tax returns, W-2s, or statements of non-filing. Some schools require their own forms too. This is time-sensitive because your financial aid won't be disbursed until verification is complete. Log into your school's financial aid portal to see exactly what documents they need, or call their office for guidance. Missing verification deadlines is one of the most common reasons students lose their financial aid.