Understanding Your Award Letter

Understanding Your Award Letter

Understanding Your Award Letter

Types of Award Letters

Incoming Student Preliminary Award Letter

Once you receive your acceptance letter to Rowan University, you will get an emailed award letter to the email address included on your FAFSA approximately 2 weeks later. Often times, parents help with the FAFSA and include their own email on the application. If you cannot find your award letter, please check your email accounts and your spam folder. If it has been two weeks since you were accepted and you cannot locate your letter, please contact us.

Once you accept your offer to attend Rowan, you will get a second award letter sent to your Rowan email. We start sending these letters in mid-June but you will not get your letter until you are registered for classes and you have completed verification, if selected. Once you get your letter, you will be instructed to accept your aid in Self-Service Banner. If you are a first time federal loan borrower, you will need to complete your Master Promissory Note and complete Loan Entrance Counseling after accepting your aid. There is no hard deadline to accept your aid. Once you get your award package, you have the option of accepting it immediately, or you can wait until your bill is sent to you to confirm how much funding you actually need.

Returning Student Award Letter

If you are a returning student, you will get an email of your award letter starting mid-June before the academic year begins. It is important that verification is completed in a timely manner so you can get an accurate award letter.

Understanding your Award Letter

Estimated Direct Cost of Attendance- Direct costs include items that will appear on your bill each semester, such as tuition, fees, housing (on-campus students) and meal plans. If you are not living on campus, you may still have a cost listed under room and board. You can deduct that amount from your estimates and base your direct charges on tuition and fees only. Your final bill, which is released shortly before the semester begins, will have your final charges listed. Note: If you plan to live on campus and see a "room and board" charge of approximately $6,000, this is because on your FAFSA you listed that you plan to live at home. If you are living on campus, you can expect room and board to cost approximately $14,000 for the year. Please adjust your figures accordingly.

Financial Aid- The estimated Financial Aid section has an overview of all awards you have been offered to help cover your educational expenses. Some forms of aid are considered "gift aid" and does not need to be repaid. Gift aid includes Rowan scholarships, federal grants and state grants. Loans are also considered financial aid and will appear on your award letter. Loans can be subsidized or unsubsidized. Subsidized loans are awarded based on financial need and are beneficial to students since the interest is paid by the US Department of Education while you are enrolled in school at least half-time. Unsubsidized loans are available to students with or without financial need. This type of loan accrues interest once it is disbursed.

Total Estimated "Out of Pocket" Costs- This is a rough idea of how much or a surplus or deficit you have for covering your direct costs to attend Rowan. If there is a balance due after all aid is accepted, you can consider enrolling in a payment plan, a Parent PLUS loan or private loan. Read More ».

Estimated Indirect Cost of Attendance- These estimated costs, although considered as part of your Cost of Attendance are items that will not appear on your bill each semester, but that you can anticipate having to pay for. Such items include, but are not limited to, textbooks, pens and pencils, a laptop computer, gas for your vehicle, rent and utilities (off-campus students). Some students may not need to borrow money to pay for these expenses, but if you do, you can apply for loans in excess of your student bill. You will receive a refund, which you can use to pay for these items.