The letter will state how much aid you can expect in grants or loans and how much in a work/study program. The first part of a student aid package consists of what you are eligible to receive under the federal PELL GRANT and your state aid program. Next are the federally funded programs administered through the colleges, the college work/study program, the Perkins Loan Program and the Federal Supplemental Educational Opportunity Grant Program (FSEOG).

Be aware that your award may come with restrictions such as the necessity to maintain a certain grade point average. Also, some scholarships and loans and all grants are awarded on a yearly basis and may or may not be renewable.

Following the federal programs are those financed by the schools themselves, the loan and scholarship programs. Keep in mind that some schools have considerably more money available for student aid than others. Their endowments give them greater flexibility and independence in making awards.

Finally, the financial aid package will incorporate any outside scholarships you have received (or anticipate receiving) as reported by you to your financial aid officer. You risk losing all your awards if you or your family do not accurately and completely report your current and potential financial situation.

There are several ways in which your school can treat outside scholarships. They may reduce the gift aid (grants or scholarships from the school), the work/study portion of aid, or partially reduce both. Or they may apply the scholarship to the aid package if there is "remaining need" that has not previously been fully met. If all portions of the aid package are met by the scholarship, any remaining money may be used.

In any case your assigned family contribution always remains the same. If you are awarded a "no-need" award and it has been determined that you have no need, i.e., your family contribution is 100 percent of the cost of education, the money from a scholarship is yours to use to reduce the cost of school. A no need award given to a student who has established need will be used to reduce the student's need portion of the package as decided by your financial aid officer.

Any aid, whether awarded privately, through a state or federal program or college, cannot total mare than the cost of education. The normal "grace" period in which you have to accept an award package is 10 to 14 days. You must sign and return a copy of the letter as your acceptance of the award. You can accept all or part of the aid, or you can request the revisions you feel you would like. If you do not reply by the requested date, you may lose your awards altogether. Financial aid dollars are in great demand and short supply. Your money will go to someone else if you do not respond in accordance with their instructions.