How long do I have to consider an offer of financial assistance, and what should I do if I am offered funding at more than one university?

Michigan Tech is a member of the consortium that includes most U.S. universities, which have agreed to the following procedure for offers of financial aid.

You will be allowed to consider all financial aid offers until April 15. Any offer of financial assistance made before April 15 will be held for you until at least that date. When you accept an offer of financial aid at one university, you are making a contract stating that you will attend that university. The participating universities have agreed that any student who has accepted an offer of financial assistance and stated that they will attend a given university will not be offered financial aid at a second university unless the first university formally rescinds its offer, through a letter releasing the student. This system has been designed to protect both you, the student, and the universities. You are protected, because you can wait until April 15 to find out what universities have accepted your application, and what universities offer financial assistance, before making a decision. At the same time, the requirement that acceptance of an offer is final ensures that the university will not reserve offers of financial aid for students who may not attend.