For some students, financial aid plays a large part in deciding which college to attend. To assist in the decision process, some campuses will send out a preliminary award letter to let new students know approximately how much financial aid they may be eligible for at that campus. These letters are usually based on the estimated information only, and the final award may change once supporting documents are reviewed by the financial aid office.

Approximately four weeks after submitting your FAFSA, you should receive a Student Aid Report (SAR) from the FAFSA processor. The SAR will list all of the information you put on the FAFSA. You should review the information listed on the form to make sure it is correct and that all of the colleges you are interested in attending are listed on the form. If any information is not correct, you must return the form with the correct information. This information also is forwarded to the schools you listed on the FAFSA. Once the schools receive the information and verify it with any additional documents you submitted at their request, they will notify you of your aid eligibility.

The typical financial aid recipient receives assistance through more than one program. The components of a financial aid award may include several grants, student loans, and student employment assistance. These components comprise what is known as a financial aid package.

Revisions to award letters are not uncommon; however, unless your financial circumstances and/or living situation (e.g., with parents vs. in an off-campus apartment) change, your financial aid award is not likely to change dramatically.

Some financial aid offices issue award letters before they have final confirmation of your eligibility for awards administered outside the college or university or before they have had the opportunity to verify some of the information you provided on the FAFSA. An estimated award represents your financial aid office's best judgment of your financial aid eligibility and is issued to provide you with eligibility information as quickly as possible. However, an estimated award is subject to change.

The federal financial aid processor designates a percentage of all financial aid applications as being subject to verification. This means that the financial aid office is required to obtain from you and your family documentation (e.g., federal tax returns) verifying some of the data that you provided on your FAFSA. It is important that you and your family respond promptly to any requests from your financial aid office for any information.