Understanding your financial aid award letters

Financial aid award letters play a key role in helping families pick a college.
But because there’s no standard format for award letters, comparing them
can be tricky.

You should make sure you can clearly identify what aid is free money like
scholarships and grants, and what money is a loan that you’ll need to pay
back. You’ll also want to remember that the school offering you the most
money may not be the best. A school that offers you less money, but more
scholarships, may be a better fit.

If you want more information about how to plan and pay for college, Sallie
Mae is here to help with student loans, information on scholarships and
grants, and free planning tools available at salliemae.com.