Investopedia explains 'Award Letter'
Award letters help families budget and plan for college expenses. The award letter outlines the type and amount of all financial aid that is offered to the student, including grants (such as Pell Grants and Federal Supplemental Educational Opportunity Grants), loans (for instance, Stafford and Perkins Loans), scholarships and any work-study eligibility.
Unless otherwise specified, the award letter pertains only to the upcoming school year. Upon receipt of the award letter and deciding which school to attend, students must inform the selected school how much of the award (financial aid) will be accepted.
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