Depends on the school.
Generally the only unpredictable thing on that award letter is what you're getting from the institution, such as a scholarship or low interest rate loan. The rest will be Stafford and GradPlus up to the school's published cost of attendance.
When you get the award letter you have to take action: accepting awards and signing promissory notes, which is usually all online. You can partially accept an award, and should do so, if you have other support. You'll want to turn this around quickly, like within a day or two, so you don't hold up the process.
Be ready for money to not come to you until after school starts. Don't expect to have loan money in time for moving expenses or first/last on an apartment. Same goes for every term - for example if spring semester starts Jan 3, you won't have that semester's money until maybe Jan 10.
Expect to get an absolutely terrifying bill for tuition. You're never expected to pay it unless you're international or didn't do a FAFSA etc.
See if you can get direct deposit set up now, so you don't have to deal with finding a check at school. Contact the financial aid office for this.
You may see the progress of the money as it gets to you, such as an email saying the federal money made it to the school, then it gets posted to cover tuition and fees, and then you might get a notice with the exact amount that's coming to you and how it's coming (such as direct deposit).
Strong recommendation: make a budget and stick to it. If you use a credit card pay it off every month.
Best of luck to you.
