What is the term for an aid package that includes loans, grants, work-study, and scholarships?

Study for the NASFAA Student Eligibility Test. Use flashcards and multiple choice questions, with explanations and tips for better understanding. Prepare effectively for your exam!

The term that encompasses an aid package which includes loans, grants, work-study, and scholarships is referred to as a financial aid award letter. This document outlines the types and amounts of financial aid a student is eligible to receive for their education. The financial aid award letter serves as a comprehensive summary of the different resources available to the student, making it clear what types of aid are offered, how much funding is allocated, and the terms associated with each type of aid, such as repayment requirements for loans or work commitments for work-study.

Overall, this letter is crucial for students and their families as it helps them understand the financial support available to make informed decisions regarding funding their education. Other terms like financial assistance summary, scholarship package, and grant details do not accurately capture the breadth of the aid offered or the document's purpose, which consolidates various forms of assistance into one clear source of information.

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