Your award letter outlines the financial aid package your school is offering you. This is when you decide how much student loan debt you are taking on.
Anatomy of an award letter
If you look at your award letter and think it is confusing, don't worry - it can be confusing at first. Let's take a tour of your award letter and get acquainted.
Your award letter is where you take action and decide how much debt you are going to take on. What is going to put you in your sweet spot? If you don't know, read What to Consider Before Borrowing.
These loan amounts are the amounts you qualify for... but not necessarily the amount you should take!
Adjust loans here! When you have decided on the amount you want to borrow, write it in the box and click accept. The amount you enter will be divided by the number of terms on your award letter.
These are loans. Subsidized Loan: the government pays the interest on subsidized loans while you are in school. You still have to pay this back, so only take the loan if you need it! Unsubsidized Loan: you pay the interest on unsubsidized loans, so they are more expensive than subsidized loans. Only take this loan if you absolutely, positively can't live without it!
Other types of aid
You might see other types of aid on your award letter. Work study is money earned through part-time work. Saying yes to work study is a better alternative to incurring debt. Grants such as the Pell Grant, Supplemental Educational Opportunity Grant (SEOG), or Oregon Opportunity Grant (OOG), are gift aid and unlike loans do not need to be repaid. Grants on your award letter are accepted for you by the college.
Did you know...
A new award letter is created whenever changes are made to your award. To review or print your award letter, click the award tab in your MyPCC Financial Aid Dashboard.