Department of Education Releases a New and Improved Financial Award Template
Department of Education releases the new and improved financial award template. It’s much simpler to read and understand than before.
It is that time of year where a student begins to receive their financial award letters from all of the colleges they have gotten accepted to, and previously this can be a very confusing document to decipher.
The Department of Education released its new template for financial aid awards beginning with the 2020-2021 enrollment year, which is much clearer than the myriad of award letters that have come in previous years. This document outlines your:
• Expected Family Contribution
• Total cost of attendance at the school you are receiving the financial award from (Tuition, room and board, misc. expenses)
• Awarded scholarships and grants
• Net cost you will be required to pay without loans
• Loan options
The department stipulates that it should be used for all students who have requested Title IV aid (Pell Grants, SEOG grants, military grants, federal student loans). Many institutions have indicated that they expect to use this “College Financing Plan” template for all their students. Please see the below link for an annotated template: