Your college tuition bill outlines the specific costs of your upcoming academic term. If you need some help understanding your tuition bill, we’re here to help! Check out our sample bill below to learn more.
Components Of A College Tuition Bill
Note: Your bill may look different depending on your college. If you have any questions, reach out to someone in your school’s financial aid office for help.
Due date
This is the date you must pay your tuition by. It’s crucial to pay your balance or set up a payment plan by this date to ensure you are able to start taking classes.
Charges or new activity
This section shows the total amount you owe before any financial aid is applied.
Tuition
This is the cost of the classes you’re taking.
Fees
You may have additional fees not included in the cost of your tuition, such as facility fees for campus maintenance, technology fees for things like WiFi, and specific course-related fees such as lab fees for science classes. These fees will be itemized on your bill.
Health insurance
Most colleges require students to have health insurance while enrolled. While many colleges typically allow students to submit proof of outside health insurance, you may need to pay for insurance through your school.
Room and board
The costs of your dorm room, meal plan, and other on-campus housing services will be listed here. Costs may vary depending on the type of room and meal plan, so be sure to explore all your options.
Financial aid
All the forms of financial aid you’ve accepted, such as grants, scholarships, or loans, will appear in this section. If anything is missing, be sure to contact your school’s financial aid office.
Payments
This section shows any payments already made, including your enrollment deposit. These will appear as negative balances and will be subtracted from your total charges.
Balance due
After subtracting your financial aid and any payments from your total charges, your bill will list a final balance due. This can be paid in full by the due date or through a payment plan set up through your school’s financial aid office.
Click the image below to download our guide on understanding your college bill!
A financial aid offer letter is a letter that colleges you’ve been accepted to will send you, breaking down all the financial aid you’re being offered for the upcoming academic year (that you can either accept or reject based on your financial situation and needs). Each college you’re accepted to will send you one of these letters. Each letter will look a bit different, since different colleges may offer you different amounts of institutional aid such as scholarships or grants. However, any federal financial aid offered to you (like the Pell Grant or loan options) will be the same across colleges. It’s important to thoroughly review your financial aid offer letters from each college to help you make an informed decision about where you want to attend.
Terms you’ll see on your financial aid offer letter
The COA is an estimate of what you can expect to pay for one year of college. In addition to tuition costs, the COA also includes:
Food and housing
Textbooks and supplies
Lab and course fees
Transportation
Health and medical care
Personal/miscellaneous living expenses
The things listed above won’t be specifically mentioned or broken down in your financial aid package, so it’s important to dig into how much these might cost over the course of your time in college. A quick way to remember the difference is:
Direct costs = billed by school (tuition, housing if on campus)
Indirect costs = estimates (transportation, personal expenses)
Student Aid Index (SAI)
The SAI is the formula that a college uses to determine how much financial aid you’re eligible for. This number is calculated based on the information you provided on your FAFSA.
Scholarships and Grants
This section lists the scholarships and grants offered to you that you will not need to repay.
Net price
Also referred to as “net cost,” this number is an estimate of the cost of attendance minus total scholarships and grants received. The net price is what you’re expected to pay while attending college, either out of pocket or with the help of aid.
Loan and work options
This section will list available federal loan options, including loan types, available amounts, and interest rates. If you’re considering student loans, it’s important to keep in mind the amount of debt you would be taking on at the schools you’ve been accepted to. This can help you make an informed comparison.
When reviewing your loan options, you may see both Direct Subsidized and Direct Unsubsidized Loans listed. Subsidized loans are generally the better option because the federal government pays the interest while you’re in school at least half-time, during your grace period, and during certain deferment periods. Unsubsidized loans begin accruing interest as soon as the funds are disbursed, which means you’ll pay more over time. If you need to borrow, consider accepting subsidized loans first before turning to unsubsidized options.
This section also indicates whether you qualify for work-study and an estimate of how much funds are allocated.Keep in mind that work-study can only be accessed by securing an on/off campus work-study job. Check with your college’s financial aid office or career center for available positions.
It’s important to know that students are able to accept and reject any aid they’re offered. Students are never obligated to accept any aid that they don’t want or aren’t fully prepared to take on during college and once they graduate. A scenario where a student may reject the aid offered to them is when they’re offered student loans that they don’t want to accept.
If you’re unsure about which aid you need to accept to be able to attend college, talk to a parent/guardian, your college counselor (if you’re still in high school), or a financial aid professional at your college. They can help you make an informed decision that works best for your situation.
Be sure to review the deadlines for accepting or declining the aid you’re offered. Most colleges require you to accept your aid through your online student portal, and you may also need to submit an enrollment deposit by a specific date to secure your spot. Missing these deadlines could impact your financial aid or admission status, so mark important dates on your calendar and check your email regularly for updates from the college’s financial aid office.
Comparing your offer letters
To determine which school is offering you the best financial aid package, we recommend using Scholarships360’s free Financial Aid Award Letter Comparison Tool. This tool will help you compare your offer letters to help you determine which college might be the best financial fit for you.
While reviewing and comparing your letters, consider the factors below to come closer to making your college decision.
Which college is overall most affordable?
Which college is offering you the most scholarships and grants (aid that doesn’t have to be paid back)? Will the scholarships be offered every year or only one time?
This can get tricky for two reasons. The first is that some colleges have higher tuition rates than others, so they may offer you more grants and scholarships, but still leave you with significant unmet need. Second, if a college only offers you a huge scholarship for the first year, you’ll need to figure out how you’ll pay for your remaining years in school.
Financial fit matters
While you may have a dream school in mind, it may not be realistic to attend if it’s not a good financial fit. A school that’s a good financial fit will not leave you with significant unmet need after scholarships and grants have been awarded. While it’s a difficult decision to make, it doesn’t make financial sense in the long run to attend a school that will leave you with significant unmet need or require you to take out a lot of money in loans.
Know your numbers
Cost of attendance is merely an estimate of average costs per year. Creating a budget can help you determine if you will actually need all the aid that is offered to you.
For example, let’s say you are able to ride the bus for free with your student ID every day to and from campus. In your financial aid package, you were offered $2,400 in loans. You had originally calculated that you would use about $1,200 of those funds to pay for transportation for the year, but since you’re actually able to take the bus for free, you won’t need that money anymore. You can turn down those funds and only take out the other $1,200 for school-related expenses! This is why it’s important to know your numbers and only choose the financial aid you need.
Don’t make this decision alone!
Determining where you will go to school based on the financial aid packages you received can be overwhelming! We recommend seeking support from parents, educators, or family members who attended college and are familiar with this process. We can also support you in making your decision!
If your family’s financial circumstances changed since the tax year you reported on your FAFSA, you may be eligible to complete a change in financial circumstances appeal form once you receive your financial aid offer letter from your college. But what does a change in financial circumstances mean, and how does this form work? We break it down!
What is a change in financial circumstances appeal form?
Many college financial aid offices offer a change in financial circumstances appeal form, which allows you to formally request that they take a deeper look at your family’s current financial situation by submitting supporting documentation. Depending on your school, the form may go by different names, such as “Special Condition/Income Adjustment Form”, “Change to Your Award Request”, or “Change of Circumstances Appeal.” Many schools have the form or outline the process on their financial aid website.
What do I do if I know my financial situation has changed while I wait for my offer letter?
If you know that your family’s financial situation has changed drastically since 2024 (the tax year the 2026-27 FAFSA uses), look at your school’s financial aid website to learn more about their appeals process. Each school will have its own process, but you may be able to submit something along with documentation while you wait to receive your financial aid offer letters.
What is a change in financial circumstances?
A change in your family’s financial circumstances can include (but is not limited to) job loss, income reduction, change in marital or dependency status, and unexpected medical expenses. If you provide documentation to your school’s financial aid office that shows your family’s financial situation underwent notable changes during the past two years, your financial aid offer could be adjusted to reflect your circumstances, potentially increasing your aid.
How to complete a change in financial circumstances appeal form
While a change in financial circumstances appeal form can differ depending on your college, here is what the process typically looks like:
Contact your college’s financial aid office to request a change in financial circumstances form and/or set up an appointment with them.
Provide documentation that shows that your family’s financial situation underwent notable changes in the past two years. Some examples of documentation include:
Signed and dated copy of their most recent tax return, including W2(s) and/or 1099(s).
Letter of separation from an employer.
Copy of an unemployment benefits statement.
Recent pay stubs.
Proof of change in marital status.
Complete the form as instructed by your college. In the instance where your dependency status changes, you may be required to update your FAFSA.
You may also be required to submit an appeal letter detailing your change in financial circumstances. We recommend using SwiftStudent—a program that helps you write a financial aid appeal letter for free—to help.
What if I don’t have the required documentation?
There are some cases in which a student may be unable to provide the financial information of a parent or guardian. Colleges may be able to grant a dependency override, which is usually a longer process and will require submitting more supporting documentation. If you are unable to provide your parent or guardian’s financial documents, get in touch with your financial aid office to explain your situation. They can support you through the process of appealing for a dependency override, which means that you may be considered an “independent” student rather than a “dependent” one.
Dependency overrides are typically available for students with complex familial situations, such as:
Those who have estranged relationships with their parents or guardians.
What to expect after submitting the form
Depending on the school, the review process for a change in financial circumstances can take weeks or months. If approved, your financial aid offer will be adjusted to reflect your current financial circumstances. If your change in financial circumstances appeal form is denied, talk to a financial aid advisor to see if any adjustments can be made to your existing offer. You can also find other forms of financial aid, such as scholarships or loans, to cover any unmet financial need.
Verification is the process that The Office of Federal Student Aid and your college(s) use to confirm that the information you reported on your FAFSA was accurate. Verification happens after a student submits their FAFSA. You will know you were selected for verification if:
It’s noted directly on your FAFSA Submission Summary, or
Your college(s) reach out telling you to verify parts or all of the information you reported on your FAFSA
The five most common pieces of information you’ll be asked to verify are:
Tax and financial information
Household size and/or proof that someone else from your household is enrolled in college
Proof of college enrollment
Amount of court-appointed child support received (if applicable)
High school completion or identity
In April 2026, The Office of Federal Student Aid introduced a new method to verify identity. This type of verification will only affect a small portion of students and will happen most commonly during FAFSA completion, instead of after.
This change is meant to prevent scammers from stealing federal financial aid funds. However, we’ll share what will happen in the very small chance you’re affected.
You’ll know you’re selected for identity verification when you complete or renew your FAFSA. You’ll be asked to take a real-time picture of your ID and won’t be allowed to select a photo of it from your library. Once your identity is confirmed, you’re good to continue completing the FAFSA. If you don’t confirm your identity then, you’ll be required to do it later with your college. If you don’t take any action, you won’t be eligible for federal financial aid.
I Got Selected For FAFSA Verification. Am I In Trouble?
Being selected for verification doesn’t mean you’re suspected of doing something wrong. Verification is a step toward ensuring you’re reporting the most accurate information on your FAFSA to receive the most financial aid possible.
There are a variety of reasons someone’s FAFSA could be selected for verification, including:
To fix an error
Random selection
Applying to a college that verifies all students
To protect against fraud and theft
How To Complete FAFSA Verification
When making corrections or updates to your FAFSA, you will need to sign in using your StudentAid.gov account. Your parents (or other contributors, if applicable) cannot sign in and make changes for you.
The Office of Federal Student Aid and your college will give you instructions on the documents you’ll need to submit. Usually, you’ll be asked to submit one or more of the following:
A verification worksheet
Tax information (IRS Tax Return Transcript can be requested through the IRS website)
A verification of a non-filing letter from the IRS if you are an independent student who did not file a federal tax return
If you’re selected for verification, your school must give you the following information with plenty of time:
A clear explanation of the verification process
A list of documents you need to submit
Verification deadline and the consequences of not meeting it
How Long Do I Have To Fix A Verification Flag?
It varies. Be sure to keep track of deadlines, since a college won’t be able to offer you financial aid if you miss any. If you are struggling to find requested information and might miss the deadline, contact your school’s financial aid office ahead of time to request an extension. Keep in mind that an extension may not be guaranteed, but it’s still worth it to ask anyway. If not, you must submit documentation by the deadline stated.
After the financial aid office reviews the documents you submitted and verification is complete, be sure to check your financial aid package to see if there are any changes as a result of verification. The most important tip here is to be proactive! As soon as you see that you need to provide additional information, be sure to talk to the contributors to your FAFSA.
Your FAFSA is filed. Now what? Here are six things that will happen next.
FAFSA processing timelines and college review processes may vary each year, so be sure to regularly check your StudentAid.gov account and your email for updates.
You should receive email confirmation that your application was submitted. Keep in mind that you will not be able to make corrections to your FAFSA until it’s been processed. You will know it has been processed when you receive an email letting you know your FAFSA Submission Summary is ready for review. You can also track the status by logging into your account and going to the “My Activity” tab. It is normal for it to say “In Review” until it’s been fully processed.
3. Receive FAFSA Submission Summary
Once your FAFSA is processed, it can take one of three paths. This will be noted on your FAFSA Submission Summary, so make sure to review it carefully for any follow-up requirements.
Processed: You’re good to go and your information is being sent to colleges!
Action Required: Take the actions outlined in your FAFSA Submission Summary to resolve any issues. Examples of issues to fix are if your application is missing a signature, you input incorrect information, or forgot to consent for tax information to be transferred from the IRS.
Verification: FAFSA verification is a process used to confirm the data you submitted is accurate. If you are selected for verification, take the actions outlined in your FAFSA Submission Summary or by your college(s) to submit any required documentation.
4. Receive Student Aid Index (SAI)
If your FAFSA has no errors, your Student Aid Index (SAI) will appear on your FAFSA Submission Summary.
5. The Schools Listed on Your FAFSA will Review your SAI
After your FAFSA has been processed, the schools you listed on your application will have access to your FAFSA Submission Summary. They’ll use your SAI and financial information to determine how much aid you’re eligible to receive. You can expect financial aid offer letters in the spring. Keep an eye on your email!
6. Receive Your Financial Aid Offer Letter
Schools you’re admitted to will send you financial aid offer letters that detail the aid types and amounts they’re offering you for your first year of college. Use this information to compare offers from different schools. Make sure you talk with your family or a trusted adult to help you make a decision. Once you decide where you’ll attend, you’ll need to confirm which aid you are accepting and rejecting. It is important to confirm your financial aid before starting classes.
Remember to Apply for Scholarships!
While you wait to receive your FAFSA Submission Summary and financial aid offer letters from colleges, it’s a great time to be applying for as many scholarships as possible. Scholarships, which are sums of money that typically don’t need to be repaid, can significantly reduce college costs. Any free money helps!
Questions about FAFSA?
Do you have any questions about the FAFSA process?
Verification is the process that The Office of Federal Student Aid and your college(s) use to confirm that the information you reported on your FAFSA was accurate. Verification happens after a student submits their FAFSA. You will know you were selected for verification if:
It’s noted directly on your FAFSA Submission Summary, or
Your college(s) reach out telling you to verify parts or all of the information you reported on your FAFSA
The five most common pieces of information you’ll be asked to verify are:
Tax and financial information
Household size and/or proof that someone else from your household is enrolled in college
Proof of college enrollment
Amount of court-appointed child support received (if applicable)
High school completion or identity
In April 2026, The Office of Federal Student Aid introduced a new method to verify identity. This type of verification will only affect a small portion of students and will happen most commonly during FAFSA completion, instead of after.
This change is meant to prevent scammers from stealing federal financial aid funds. However, we’ll share what will happen in the very small chance you’re affected.
You’ll know you’re selected for identity verification when you complete or renew your FAFSA. You’ll be asked to take a real-time picture of your ID and won’t be allowed to select a photo of it from your library. Once your identity is confirmed, you’re good to continue completing the FAFSA. If you don’t confirm your identity then, you’ll be required to do it later with your college. If you don’t take any action, you won’t be eligible for federal financial aid.
I Got Selected For FAFSA Verification. Am I In Trouble?
Being selected for verification doesn’t mean you’re suspected of doing something wrong. Verification is a step toward ensuring you’re reporting the most accurate information on your FAFSA to receive the most financial aid possible.
There are a variety of reasons someone’s FAFSA could be selected for verification, including:
To fix an error
Random selection
Applying to a college that verifies all students
To protect against fraud and theft
How To Complete FAFSA Verification
When making corrections or updates to your FAFSA, you will need to sign in using your StudentAid.gov account. Your parents (or other contributors, if applicable) cannot sign in and make changes for you.
The Office of Federal Student Aid and your college will give you instructions on the documents you’ll need to submit. Usually, you’ll be asked to submit one or more of the following:
A verification worksheet
Tax information (IRS Tax Return Transcript can be requested through the IRS website)
A verification of a non-filing letter from the IRS if you are an independent student who did not file a federal tax return
If you’re selected for verification, your school must give you the following information with plenty of time:
A clear explanation of the verification process
A list of documents you need to submit
Verification deadline and the consequences of not meeting it
How Long Do I Have To Fix A Verification Flag?
It varies. Be sure to keep track of deadlines, since a college won’t be able to offer you financial aid if you miss any. If you are struggling to find requested information and might miss the deadline, contact your school’s financial aid office ahead of time to request an extension. Keep in mind that an extension may not be guaranteed, but it’s still worth it to ask anyway. If not, you must submit documentation by the deadline stated.
After the financial aid office reviews the documents you submitted and verification is complete, be sure to check your financial aid package to see if there are any changes as a result of verification. The most important tip here is to be proactive! As soon as you see that you need to provide additional information, be sure to talk to the contributors to your FAFSA.
If your family’s financial circumstances changed since the tax year you reported on your FAFSA, you may be eligible to complete a change in financial circumstances appeal form once you receive your financial aid offer letters from colleges. But what does a change in financial circumstances mean, and how does this form work? We break it down!
What is a change in financial circumstances appeal form?
Many college financial aid offices offer a change in financial circumstances appeal form, which allows you to formally request that they take a deeper look at your family’s current financial situation by submitting supporting documentation. Depending on your school, the form may go by different names, such as “Special Condition/Income Adjustment Form”, “Change to Your Award Request”, or “Change of Circumstances Appeal.” Many schools have the form or outline the process on their financial aid website.
What do I do if I know my financial situation has changed while I wait for my offer letter?
If you know that your family’s financial situation has changed drastically since 2024 (the tax year the 2026-27 FAFSA uses), look at your school’s financial aid website to learn more about their appeals process. Each school will have its own process, but you may be able to submit something along with documentation while you wait to receive your financial aid offer letters.
What is a change in financial circumstances?
A change in your family’s financial circumstances can include (but is not limited to) job loss, income reduction, change in marital or dependency status, and unexpected medical expenses. If you provide documentation to your school’s financial aid office that shows your family’s financial situation underwent notable changes during the past two years, your financial aid offer could be adjusted to reflect your circumstances, potentially increasing your aid.
How to complete a change in financial circumstances appeal form
While a change in financial circumstances appeal form can differ depending on your college, here is what the process typically looks like:
Contact your college’s financial aid office to request a change in financial circumstances form and/or set up an appointment with them.
Provide documentation that shows that your family’s financial situation underwent notable changes in the past two years. Some examples of documentation include:
Signed and dated copy of their most recent tax return, including W2(s) and/or 1099(s).
Letter of separation from an employer.
Copy of an unemployment benefits statement.
Recent pay stubs.
Proof of change in marital status.
Complete the form as instructed by your college. In the instance where your dependency status changes, you may be required to update your FAFSA.
You may also be required to submit an appeal letter detailing your change in financial circumstances. We recommend using SwiftStudent—a program that helps you write a financial aid appeal letter for free—to help.
What if I don’t have the required documentation?
There are some cases in which a student may be unable to provide the financial information of a parent or guardian. Colleges may be able to grant a dependency override, which is usually a longer process and will require submitting more supporting documentation. If you are unable to provide your parent or guardian’s financial documents, get in touch with your financial aid office to explain your situation. They can support you through the process of appealing for a dependency override, which means that you may be considered an “independent” student rather than a “dependent” one.
Dependency overrides are typically available for students with complex familial situations, such as:
Those who have estranged relationships with their parents or guardians.
What to expect after submitting the form
Depending on the school, the review process for a change in financial circumstances can take weeks or months. If approved, your financial aid offer will be adjusted to reflect your current financial circumstances. If your change in financial circumstances appeal form is denied, talk to a financial aid advisor to see if any adjustments can be made to your existing offer. You can also find other forms of financial aid, such as scholarships or loans, to cover any unmet financial need.
A financial aid offer letter is a letter that colleges you’ve been accepted to will send you, breaking down all the financial aid you’re being offered for the upcoming academic year (that you can either accept or reject based on your financial situation and needs). Each college you’re accepted to will send you one of these letters. Each letter will look a bit different, since different colleges may offer you different amounts of institutional aid such as scholarships or grants. However, any federal financial aid offered to you (like the Pell Grant or loan options) will be the same across colleges. It’s important to thoroughly review your financial aid offer letters from each college to help you make an informed decision about where you want to attend.
Terms you’ll see on your financial aid offer letter
The COA is an estimate of what you can expect to pay for one year of college. In addition to tuition costs, the COA also includes:
Food and housing
Textbooks and supplies
Lab and course fees
Transportation
Health and medical care
Personal/miscellaneous living expenses
The things listed above won’t be specifically mentioned or broken down in your financial aid package, so it’s important to dig into how much these might cost over the course of your time in college. A quick way to remember the difference is:
Direct costs = billed by school (tuition, housing if on campus)
Indirect costs = estimates (transportation, personal expenses)
Student Aid Index (SAI)
The SAI is the formula that a college uses to determine how much financial aid you’re eligible for. This number is calculated based on the information you provided on your FAFSA.
Scholarships and Grants
This section lists the scholarships and grants offered to you that you will not need to repay.
Net price
Also referred to as “net cost,” this number is an estimate of the cost of attendance minus total scholarships and grants received. The net price is what you’re expected to pay while attending college, either out of pocket or with the help of aid.
Loan and work options
This section will list available federal loan options, including loan types, available amounts, and interest rates. If you’re considering student loans, it’s important to keep in mind the amount of debt you would be taking on at the schools you’ve been accepted to. This can help you make an informed comparison.
When reviewing your loan options, you may see both Direct Subsidized and Direct Unsubsidized Loans listed. Subsidized loans are generally the better option because the federal government pays the interest while you’re in school at least half-time, during your grace period, and during certain deferment periods. Unsubsidized loans begin accruing interest as soon as the funds are disbursed, which means you’ll pay more over time. If you need to borrow, consider accepting subsidized loans first before turning to unsubsidized options.
This section also indicates whether you qualify for work-study and an estimate of how much funds are allocated.Keep in mind that work-study can only be accessed by securing an on/off campus work-study job. Check with your college’s financial aid office or career center for available positions.
It’s important to know that students are able to accept and reject any aid they’re offered. Students are never obligated to accept any aid that they don’t want or aren’t fully prepared to take on during college and once they graduate. A scenario where a student may reject the aid offered to them is when they’re offered student loans that they don’t want to accept.
If you’re unsure about which aid you need to accept to be able to attend college, talk to a parent/guardian, your college counselor (if you’re still in high school), or a financial aid professional at your college. They can help you make an informed decision that works best for your situation.
Be sure to review the deadlines for accepting or declining the aid you’re offered. Most colleges require you to accept your aid through your online student portal, and you may also need to submit an enrollment deposit by a specific date to secure your spot. Missing these deadlines could impact your financial aid or admission status, so mark important dates on your calendar and check your email regularly for updates from the college’s financial aid office.
Comparing your offer letters
To determine which school is offering you the best financial aid package, we recommend using Scholarships360’s free Financial Aid Award Letter Comparison Tool. This tool will help you compare your offer letters to help you determine which college might be the best financial fit for you.
While reviewing and comparing your letters, consider the factors below to come closer to making your college decision.
Which college is overall most affordable?
Which college is offering you the most scholarships and grants (aid that doesn’t have to be paid back)? Will the scholarships be offered every year or only one time?
This can get tricky for two reasons. The first is that some colleges have higher tuition rates than others, so they may offer you more grants and scholarships, but still leave you with significant unmet need. Second, if a college only offers you a huge scholarship for the first year, you’ll need to figure out how you’ll pay for your remaining years in school.
Financial fit matters
While you may have a dream school in mind, it may not be realistic to attend if it’s not a good financial fit. A school that’s a good financial fit will not leave you with significant unmet need after scholarships and grants have been awarded. While it’s a difficult decision to make, it doesn’t make financial sense in the long run to attend a school that will leave you with significant unmet need or require you to take out a lot of money in loans.
Know your numbers
Cost of attendance is merely an estimate of average costs per year. Creating a budget can help you determine if you will actually need all the aid that is offered to you.
For example, let’s say you are able to ride the bus for free with your student ID every day to and from campus. In your financial aid package, you were offered $2,400 in loans. You had originally calculated that you would use about $1,200 of those funds to pay for transportation for the year, but since you’re actually able to take the bus for free, you won’t need that money anymore. You can turn down those funds and only take out the other $1,200 for school-related expenses! This is why it’s important to know your numbers and only choose the financial aid you need.
Don’t make this decision alone!
Determining where you will go to school based on the financial aid packages you received can be overwhelming! We recommend seeking support from parents, educators, or family members who attended college and are familiar with this process. We can also support you in making your decision!
Your college tuition bill outlines the specific costs of your upcoming academic term. If you need some help understanding your tuition bill, we’re here to help! Check out our sample bill below to learn more.
Components Of A College Tuition Bill
Note: Your bill may look different depending on your college. If you have any questions, reach out to someone in your school’s financial aid office for help.
Due date
This is the date you must pay your tuition by. It’s crucial to pay your balance or set up a payment plan by this date to ensure you are able to start taking classes.
Charges or new activity
This section shows the total amount you owe before any financial aid is applied.
Tuition
This is the cost of the classes you’re taking.
Fees
You may have additional fees not included in the cost of your tuition, such as facility fees for campus maintenance, technology fees for things like WiFi, and specific course-related fees such as lab fees for science classes. These fees will be itemized on your bill.
Health insurance
Most colleges require students to have health insurance while enrolled. While many colleges typically allow students to submit proof of outside health insurance, you may need to pay for insurance through your school.
Room and board
The costs of your dorm room, meal plan, and other on-campus housing services will be listed here. Costs may vary depending on the type of room and meal plan, so be sure to explore all your options.
Financial aid
All the forms of financial aid you’ve accepted, such as grants, scholarships, or loans, will appear in this section. If anything is missing, be sure to contact your school’s financial aid office.
Payments
This section shows any payments already made, including your enrollment deposit. These will appear as negative balances and will be subtracted from your total charges.
Balance due
After subtracting your financial aid and any payments from your total charges, your bill will list a final balance due. This can be paid in full by the due date or through a payment plan set up through your school’s financial aid office.
Click the image below to download our guide on understanding your college bill!
Your FAFSA is filed. Now what? Here are six things that will happen next.
FAFSA processing timelines and college review processes may vary each year, so be sure to regularly check your StudentAid.gov account and your email for updates.
You should receive email confirmation that your application was submitted. Keep in mind that you will not be able to make corrections to your FAFSA until it’s been processed. You will know it has been processed when you receive an email letting you know your FAFSA Submission Summary is ready for review. You can also track the status by logging into your account and going to the “My Activity” tab. It is normal for it to say “In Review” until it’s been fully processed.
3. Receive FAFSA Submission Summary
Once your FAFSA is processed, it can take one of three paths. This will be noted on your FAFSA Submission Summary, so make sure to review it carefully for any follow-up requirements.
Processed: You’re good to go and your information is being sent to colleges!
Action Required: Take the actions outlined in your FAFSA Submission Summary to resolve any issues. Examples of issues to fix are if your application is missing a signature, you input incorrect information, or forgot to consent for tax information to be transferred from the IRS.
Verification: FAFSA verification is a process used to confirm the data you submitted is accurate. If you are selected for verification, take the actions outlined in your FAFSA Submission Summary or by your college(s) to submit any required documentation.
4. Receive Student Aid Index (SAI)
If your FAFSA has no errors, your Student Aid Index (SAI) will appear on your FAFSA Submission Summary.
5. The Schools Listed on Your FAFSA will Review your SAI
After your FAFSA has been processed, the schools you listed on your application will have access to your FAFSA Submission Summary. They’ll use your SAI and financial information to determine how much aid you’re eligible to receive. You can expect financial aid offer letters in the spring. Keep an eye on your email!
6. Receive Your Financial Aid Offer Letter
Schools you’re admitted to will send you financial aid offer letters that detail the aid types and amounts they’re offering you for your first year of college. Use this information to compare offers from different schools. Make sure you talk with your family or a trusted adult to help you make a decision. Once you decide where you’ll attend, you’ll need to confirm which aid you are accepting and rejecting. It is important to confirm your financial aid before starting classes.
Remember to Apply for Scholarships!
While you wait to receive your FAFSA Submission Summary and financial aid offer letters from colleges, it’s a great time to be applying for as many scholarships as possible. Scholarships, which are sums of money that typically don’t need to be repaid, can significantly reduce college costs. Any free money helps!
Questions about FAFSA?
Do you have any questions about the FAFSA process?
