To accept your financial aid offer, you need to follow specific steps. Here are the actions you must take in order to accept your financial aid offer, with the exception highlighted at the end:
1. Review your Student Aid Report: This report contains important information about your financial aid eligibility and the types of aid you've been offered. Make sure to carefully review this report to understand the details of your financial aid package.
2. Sign and return your promissory note: A promissory note is a legal document that outlines the terms and conditions of your student loans. By signing and returning this document, you agree to repay the loans according to the specified terms.
3. Complete entrance counseling: Entrance counseling is a requirement for first-time borrowers of federal student loans. This counseling session provides important information about your rights and responsibilities as a borrower, loan terms, and repayment options.
The action that is NOT required to accept your financial aid offer is:
4. Make a deposit to secure your student loans: Unlike some private loans or other financial transactions, you typically do not need to make a deposit to secure federal student loans. Federal student loans are disbursed directly to your school to cover tuition and other eligible expenses.
