Usually they will explain any financial aid that you were awarded, and also give you a list of expenses (tuition, books, housing, personal allowance, travel allowance). They are required to give you an estimated cost of attendance. This will tell you how much money it’s going to cost. Then you want to look at how much money was awarded to you (hopefully some!!), subtract this from the estimated cost, and you’ll have your “remaining financial need” Usually somewhere on your letter it will say, “remaining financial need” or “unmet need” something like that.

P.S. I assume you’ve submitted your FAFSA? It not, you’re making a big mistake! Submit it! Now!