Financial aid award dollars are given on a pro-rated basis. That is, the award is a percentage off of tuition (such as 25% off, 66% off, etc.) and it is based on the amount of credit hours the student is registered for each semester.
The award amount listed in an acceptance letter represents what the amount would be if you were to enroll in classes full time (9 credit hours or more each semester).
Awards are good for one academic year. Students may re-apply for aid in their second year and beyond. All awards fund RSG coursework only.