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SAMPLE AWARD LETTER

Below is a sample financial aid award letter, which is sent to students who were admitted to MIT and applied for financial aid. Roll over the sections to see information about what they mean. For more information, you and your parents should also read "ComMITment," a booklet that came in the mail with the award letter and other materials. If you don't have it handy, you can read or print the PDF version of "ComMITment."

 

Budget – This figure is your estimated total budget for the nine-month academic year. It includes things we bill you for directly, such as tuition, fees, room and meals. It also includes estimated expenses for books, supplies and personal expenses that we don’t bill you for, but that you pay for as you incur the expense. We use a standard expense figure for items like room and meals, but your actual expenses may vary depending on the choices you make for meals and your housing.

EFC – The total amount that you and your parent(s) are expected to contribute towards the price of your education is called the expected family contribution or EFC. We calculate you and your family's ability to contribute each year using the information you provide to us on the FAFSA, CSS PROFILE and family tax forms.

Need – Your financial need is determined by subtracting your expected family contribution (EFC) from the total budget. We award the amount of aid that will fully meet your need.

Award detail – This is your financial aid award broken down to list the different sources and amounts. If you have financial need, your award may be grant or scholarship, student loans or work opportunities, or some combination. Note that your aid is split so that half of the total amount of each item will credit against your student bill each semester during the academic year.

Award total – Note that the total need-based aid offered to you is equal to your need listed above. This is the total amount of financial aid that you’ve been awarded for the academic year.

Missing documents – If there are any documents listed here, please be sure to complete them and return them to us as soon as possible. If a loan promissory note is requested, we’ll let you know when and how you should complete it.

Messages – This section lists things you still need to do to finalize your award for the year. Sometimes there will be further information about missing items listed above, or there may be special messages for you.

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