Accepting Financial Aid Awards. What to do.
Watch the video above.
To accept any, or all, of the aid awards (grants, work study, scholarships, loans) that are listed on your Financial Aid Award letter you have to do a couple of things:
- You need to commit to the school you’ve chosen to accept the financial aid awards offered.
- Read and follow the directions in the Financial Aid Letter.
- You might have to enter the amounts you’re accepting in an online form and then submit the form.
- If you receive a paper aid offer you likely have to sign it and send it via US postal mail back to the school.
A Little More To Do to Accept Loans...
Accepting one or more loans listed in the aid offer involves some additional steps, which vary depending on the type of loan you’re receiving. The US Department of Education is the lender for any of the Direct Loans so you’ll have to go through the following process to accept all or some of them:
- Go through online “Entrance Counseling” via StudenLoans.gov
- Sign a Master Promissory Note (MPN) at StudentLoans.gov. This MPN is a legally binding contract stating that you agree to the terms and conditions of the loan and promise to repay the loan.
The lender for a Perkins Loan will be your school which means the acceptance process may differ per school. You’ll need to contact the Financial Aid Office if you have any questions and they’ll will guide you through the process and paperwork.