The financial aid offer letter is your guide to how much money you are getting from any University to which you apply. How do you make sense of all of the numbers and figures on the letter? How do you decide which information is important? How do you get a real understanding of how much money you’ll be receiving? The financial aid letter doesn’t have to be daunting.

Let’s break it down.

Step 1: Understand your student award amount

Awards consist of a combination of scholarships, grants and loans. However, external scholarships are not included in the award section. The financial aid offer letter will include award amounts for the fall semester, spring semester and the total for the entire academic year.

Beyond the listed award amounts, make sure you read the description of each award and the requirements (if any) you need to complete to receive the award. Once those requirements are complete and you supply any additional information to the University, your financial aid offer letter will be updated.

As you receive additional awards, the awards section will be continually updated.

Step 2: Understand the cost of attendance and student budgets

The cost of attendance (COA), commonly known as the “student budget,” estimates what it costs for a typical student to attend a university for an academic year. This can be a startling figure to see on your financial aid letter from the University of Nevada, Reno.

Don’t panic.

The cost of attendance doesn’t only include tuition, but also accounts for basic living expenses, including things like books and supplies, meals and transportation. These numbers are estimates only, and your actual expenses may differ. 

The University assigns a cost of attendance for every student that applies for financial aid. The purpose is two-fold: 

1. To provide you and your family with an estimate of what it costs to attend the University of Nevada, Reno for one academic year.
2. To establish a limit on the amount of financial aid you can receive in a single academic year, according to federal guidelines.

Keep in mind that your total financial aid amount, including awards (scholarship, grants, work-study and loans), cannot exceed the total cost of attendance.

Breaking down your cost of attendance

On your financial aid offer letter, the cost of attendance consists of two types of costs: direct and indirect.

Direct costs. Direct costs are charges coming directly from the University, such as your tuition, room and board (for those living on campus) and any associated fees.

• Tuition and fees. Tuition and fees include your costs for taking 30 credits (full-time) during each academic year (fall and spring)
• Housing and meals. If you choose to live on campus in a residence hall, your student budget will include costs for the academic year.

Indirect costs. Indirect costs are estimated amounts for items related to attending college, such as books, transportation and other personal expenses. Remember, the University does not bill you directly for indirect costs. You will pay these costs as they arise during the year.

• An estimate of your textbooks and supplies costs for one academic year.
• An estimate of your costs of traveling to the University, including items such as vehicle maintenance, insurance, and fuel.
• Personal expenses. An estimate of living essentials during the academic year, such as entertainment, clothing, haircuts, etc.
• Loan fees. Federal student loans (Federal Direct Subsidized and Federal Unsubsidized) have origination fees and the University estimates these fees based on federally listed rates (currently 1.057%). These fees vary based on the amount you borrow.

When reviewing your cost of attendance, be sure to confirm your residency (e.g,. in-state, out-of-state), enrollment (e.g., full-time, part-time); student type (e.g., undergraduate) and housing situation (e.g., with parent, on-campus) are listed correctly. These items impact your overall cost of attendance and student budget.

Again, remember your cost of attendance does not reflect the actual cost of attending the University of Nevada, Reno. It is used to determine the maximum financial aid offer you can receive according to your student budget.

Your financial aid offer letter will also include answers to a list of frequently asked questions and things to keep in mind for the upcoming academic year.

Step 3: Next steps after you receive your financial aid offer letter

Once you know what to expect from your financial aid offer letter, what’s next?

1. Schedule your financial aid appointment. Starting in early April, the Office of Financial Aid and Scholarships will be sending you an email containing your financial aid offer letter. You may also find this information in MyNEVADA. Once you receive the offer letter, contact our office to schedule an individual appointment. We can help you estimate your actual costs and financial aid package for the upcoming school year to paint a picture of what you can expect. 
2. Gift aid is automatically accepted. Gift aid (i.e., scholarships and grants) are automatically accepted and applied to your financial aid package.
3. Accept the student loans you want to use. Student loans are not automatically applied. You are not required to accept student loans. If you decide to accept student loans, we recommend doing so by July.
4. Apply for parent loans, if desired. Parent Loan applications open on July 1. 
5. Watch your account for your financial aid. Financial aid will be disbursed (be posted to your account) the week before the semester begins. 
6. Pay and additional balances before semester begins. You are responsible to settle any additional balances by the Friday before the semester begins.
7. Set up a payment plans, if needed. Payment plans are available to split the cost into three payments in the fall and three in the spring.

If you have any questions about understanding your financial aid package, contact the Office of Financial Aid and Scholarships.