Understanding the financial aid on your billing statement
The financial aid award letter is not the same as your billing statement. The award letter details your annual gift aid, loans and work study eligibility, to show an “Approximate Cost to Family” for the year. You must complete loan processes if you wish to take advantage of the loans listed on your award letter.
The billing statement shows your actual charges for one semester, less any financial aid that has credited to your account, and is what you actually owe. If there is a discrepancy between your estimated cost from the financial aid award letter and what you are being billed, some reasons could be:
Federal grants and loans do not credit your account until 10 days before each semester begins
Financial Aid Office may be waiting on requested documents such as Verification or tax returns, and some of your financial aid will be on hold until those forms are returned