Around March or April, you receive notices from the colleges that accepted you. Congratulations!
They also send you a financial aid letter that tells you:
- How much your tuition, room and meal plan will cost
- How much money they are offering you*
- How much you can borrow in loans from the Federal Government
* Read these offers carefully. Some of the money will be scholarships or grants; but some will be loans you will have to pay back.
A simplified guide to the FAFSA Federal Loan process