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A financial aid offer letter explains the types, amounts, and sources of financial aid—the financial aid package—that the college is offering the student.

Typically around two-thirds of the financial award is made up of loans and one-third is grants and scholarships, but that percentage varies from college to college.

The letter will also include instructions on how to accept the financial aid offer and what to do next. If your child gets financial aid offers from several colleges, you can compare the packages and choose the one that’s best for your family.