The institution's decision usually will be communicated to the applicant via an award notification which identifies the cost of attendance at the school, the Expected Family Contribution (EFC), the actual amount of need, the types and amounts of aid available to the applicant, how the aid will be disbursed, and any other conditions of the award.

The institution may require the student to sign the award notification to indicate acceptance, and to return it to the institution by a specified date to prevent cancellation of the offer. Many colleges and universities that have an enrollment response deadline will provide the first-time student with an award notification either concurrent with or shortly after acceptance, so that the aid information can be evaluated before the student decides whether to enroll at that school.