Wow, I guess I've been in this business long enough that I've taken things for granted. I can remember years ago that our senior financial aid staff, myself included, met to overhaul our school's financial aid award notification to students. At that time, we were required to list our school's expected cost of attendance and estimated financial aid on the notification. In preparing to write this post, I conducted research using federal documents for financial aid professionals, and found there is no standardized rule for what has to be listed on a student's award letter. Your estimated colleges expenses don't have to be included on your award letter.
What must be reported is this: a school must provide a general notification to students of what aid he/she is receiving through the Federal Student Aid program, and how those funds must be disbursed. School's are not even required to send a detailed financial aid award letter. I would like to think that most school's will provide students with a financial aid award letter that at least lists the financial aid for which you are eligible, and the school's expected cost of attendance. We also provide the web link to our school's financial aid website for additional information, and a web link to our bursar's office where the student can calculate an individual expectation of charges based on actual enrollment.
Quite honestly, over the years we have reduced wording on our award notifications because families are already overwhelmed with information coming from admissions, academic departments, and the school in general. We found that by reducing general information and referring students to our website, we were able to highlight the most important factors such as financial aid eligibility and expenses. Our information allows families to calculate their out of pocket expenses after financial aid is applied.
My college's financial aid award notification to students includes a breakdown for federal and state financial aid awarded, assumed private scholarships known at the time, and the charges the student can expect to see on his/her university bill, which is tuition, fees, room, and board. Since students cannot charge books at my institution, we also include an estimated cost for books, and estimated additional personal expenses.
What does your award letter say? Carefully read and examine your award letter. If the information you need is not listed, contact your financial aid office for clarification. I would hope that all schools actually send students an award notification! I did find in my research that Senator Charles Schumer (NY) has sponsored a bill requiring schools to notify students of their total and net cost of attending a higher institution; list available scholarships, loans, and grants available; and provide a location where families can get additional information. The bill has been referred to the Committee on Health, Education, Labor, and Pensions as of April 2008.