Once your teen has been accepted to college, they will receive a financial aid award letter. An award letter is a detailed statement of financial assistance available to a student in the form of scholarships, grants, federal loans, and work-study. The money offered in the letter is based on the student’s financial need and is determined by the information the family provided in their FAFSA application. Also included in the letter is the cost to attend the institution, the family’s expected family contribution, and in some cases the remaining amount of money needed. While award letters sound like your student has hit the jackpot, not all of the figures listed on the letter are “gifts.” Therefore, you want to take a close look at all of the numbers to identify how much the school is actually going to cost over the course of four years. Each year that your student is enrolled in school they will receive a new financial aid package based on their FAFSA application.