We look forward to being of assistance to you. Many colleges send out financial-aid award letters around the same time they mail acceptance letters. For regular-decision applicants, awards are generally sent in April. Returning students should expect to wait until after the end of the spring semester to receive their award letters. Some colleges wait as long as the end of July to send out aid letters.
Students can opt to decline any part of a financial-aid award.
Typically, work-study positions and loans are most frequently declined. Often, students find off-campus jobs or families find other ways to finance the expected family contribution without taking on debts. He says that other times, a member of the student's extended family might step in and offer assistance so part of the package can be declined. Pay attention to deadlines for accepting the award package. Notifying the financial-aid department on time lets the officers know how much money they will have for other awards.