First Financial Aid Package Received

Paying for College
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<p>We just received the first of many (and hopefully better) financial aid packages. It's our state school so it's just about what we expected. In addition to his merit scholarship he got a subsidized stafford and a perkins loan. </p>

<p>The letter that came with the package states that an acceptance of the financial aid award must occur within 2 weeks of the award letter date because availability of funds cannot be guaranteed. Is this typical?? He hasn't even decided what school to go to yet. </p>

<p>This is his financial safety if he gets lousy packages everywhere else, but we won't know that for at least two weeks. I'm hoping that the best are saved for last......</p>

<p>I'm also wondering if the 2 week notice is not necessary because they offered loans and not grants. ANyone know???</p>

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<p>Perkins is a limited funds loan so each school is only awarded so many Perkins $$s. I would go ahead and accept the award. (assuming It does not cost you anything such as a deposit - I know our State school did not required any sort of deposit). It will lock in the Perkins which is the best fed loan right now and if he goes elsewhere there is no harm done.
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<p>Thanks, I just wasn't sure if you could only accept the package if you had already made a decision to go to the particular school. </p>

<p>WOw we qualified for the Perkins.... doesn't that mean we are poor.... I hope the profile schools think so.</p>

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<p>my D received her financial aid award from her state school today, but it had a specific explanation/disclaimer modifying the 2-week rule:</p>

<p>"Att new undergraduates: Your tuition deposit must be paid 10 days prior to contacting us. Your awards will not be withdrawn before May 1st."</p>

<p>So double check with the school; their policy may be the same/similar but they may not have spelled it out as clearly.</p>

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<p>Thanks orchestra mom. I can't believe I didn't notice that (and it was written about 4X larger than the 2 week part) </p>

<p>From your earlier posts I'm guessing your package was from SUNY Buffalo as well.</p>

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<p>yep! :) 10 ch</p>