After the FAFSA is filed and any follow up to the FAFSA is completed such as verification, the college(s) will send a financial aid award letter or notification to the student. ICAN student success advisors can help you break down and understand the award letter.
A financial aid award letter is sent from the college to the student, usually electronically, and it will list the projected costs and financial aid that the student has qualified to receive. Here is an example of an award letter from our ICAN Paying for College guide (scroll to page 19): https://www.icansucceed.org/media/cms/ICANFinancialAidGuide28101129_272DCD3D3B383.pdf
The main objective of the appointment is for the ICAN advisor to give the student and parents an idea of the costs of one year at a college and how financial aid will cover the costs. A helpful tool that ICAN advisors use is the Funding Forecaster created by Iowa Student Loan: http://www.iowastudentloan.org/smart-borrowing/college-funding-forecaster/college-funding-forecaster.aspx. The ISL Funding Forecaster will break down the costs of one year at a college separating direct and indirect costs. This gives the student a good idea of their out-of-pocket costs and the gap in which they may need to seek additional funding. The ISL Funding Forecaster will also estimate over the next two to four years how much college costs may increase. This is an estimate and is not official, but it gives a student an idea of how much their costs may grow into the future.
Stay ahead of the game and book an award letter review with ICAN. That way you can stay informed about college costs as you invest in yourself for the future.
Steve - ICAN Council Bluffs Center