Your school will send you an award letter or notice that lists the types and amounts of aid for which you are eligible. Most schools award aid in the form of a financial aid package that combines scholarships, grants, loans, and work-study.
The types and amounts of aid you are offered will vary from school to school, depending on available funds and the number of aid applicants. Schools that have more funding may be able to offer larger grant awards, while schools that have less funding may have to offer larger loan or work-study awards. Schools might ask you to formally accept or decline your award and usually require you to do so by a specific date. Remember what we said about meeting deadlines!