So, now you have completely filled the required forms, and you have also received an envelope from the college, which can either be an acceptance letter or a rejection letter. Without even opening the envelope, you can judge, whether the college has accepted or rejected you and your plea for the aid. The acceptance letter weighs more, because with it, the college also sends the financial aid package.
If the college has accepted you and has sent an aid package, then you have got only a few weeks to analyse the offers, compare them, and, if possible, negotiate with the FAOs to improve them. Most colleges require you to set up your mind and decide for the admission by May 1.
The detail of the aid package will be presented to you in an award letter. The award letter has the evaluation of how the financial aid package was decided for you, and what the package will include. It includes your EFC, and the aid package in the form of combination of grants, loans, and work-study to meet your “need”.
The aid depends on the academic performance of the student. So, if the student is very much talented, and if the college desperately wants the student to be in their college, then the college will come up with additional package to cover the unmet need.