If you apply for financial aid, and your application is approved, your school will tell you the exact amount of financial assistance that you are eligible to receive. However, in order to receive your financial aid funds, you must accept the award offer in a timely manner. Read on to learn the proper way to accept a financial aid award package.Review Your Award LetterOnce you receive your award letter, you should carefully read the entire document. Your award letter will contain important information about your financial aid package, such as the type of aid you are eligible for, the amount and source of the financial aid. Your school may approve you for a variety of financial aid options, including grants, loans, scholarships, and the federal work-study program (a form of student employment). Make sure that you fully understand the details of the letter before you agree to accept the award package.Determine if You Need the Entire Award PackageDepending on your financial situation, you may or may not need to accept the entire financial aid package. For instance, if you are currently employed, you may choose to pay for a portion of your college education on your own. However, if you feel that you need the entire financial aid package that was offered to you, by all means accept the offer. Keep in mind if you choose to utilize student loans, you must repay your loans in the future (after you graduate from college).Sign the DocumentOnce you have reviewed your award letter, you must sign and date the document in the appropriate space. You must also acknowledge on the award letter that you accept the financial aid package. Generally speaking, you are required to initial (or place a check mark) next to each item on the award letter that you choose to accept for that academic year. For example, if your award letter includes a grant and loan, and you only want to receive grant money for that academic year, you should only accept the award offer for the grant and not the loan. In addition, you may also have the choice to reduce your financial aid package to a lesser amount (if you do not need the full amount that was awarded to you).Make a Copy of the LetterBefore you return the document to the financial aid office, be sure to make a copy of your signed award letter for your records. If you signed your letter electronically, you should have the option to either save the document to your computer, or print it out. Dont forget to place your copy in a safe place, so you dont lose it.Return the Letter by the DeadlineIf you fail to return your signed award letter by the designated due date, your funds might be delayed for that academic year. And as a result, you might lose some of the money that was awarded to you. Therefore, it is extremely important to return your award letter to the financial aid office in a timely manner.As you can see, it is not difficult to accept a financial aid award package. If you review the award letter as soon as you receive it, sign and date it, and return the letter by the appropriate deadline, you should have no problem receiving your funds on time. Be sure to speak to your financial aid counselor at your school, if you have questions or concerns about your award letter.