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College Financial Aid Vocabulary terms

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Terms in this set (28)

document from college that explains terms of the financial aid the college is offering you; information includes types and amounts of financial aid offered, what you're expected to do to keep the award and a deadline for accepting the award.

College official responsible for handling billing and payments for tuition, fees, housing and other related expenses.

When a college grants credit for a course, it means that passing that course counts toward a degree. Colleges may also grant degree credit for scores on exams.

Cost of Attendance

total amount of college expenses before financial aid. Cost of attendance includes money spent on tuition and fees, room and board, books and supplies, and living expenses.

CSS/Financial Aid PROFILE

Financial aid application used by more than 400 colleges, universities and private scholarship programs to award their financial aid funds; service through The College Board.

Demonstrated Need

difference between your expected family contribution (EFC) and the total cost of attendance for a particular college.

Expected Family Contribution (EFC)

Measure of your family's financial strength. States and colleges use this number to help determine your financial aid award. The EFC is calculated using information you supply about your family's financial circumstances.

Money given or loaned to you to help pay for college. Financial aid can come from federal and state governments, colleges, and private and social organizations.

Financial Aid Office

college office that serves as a resource for students who need help paying for college costs. Financial aid officers can help you to apply for and receive grants, loans, scholarships and work-study employment.

Financial Aid Officer

College employees trained to help students and families apply for and receive grants, loans, scholarships and work-study employment.

529 Savings Plans

State-sponsored investment plans that help families save money for college; plans have tax benefits so savings can grow faster; money in accounts can be used only for education expenses.

Free Application for Federal Student Aid (FAFSA)

Free application form submitted to apply for federal financial aid. It is required for all students seeking federal student grants, work-study programs and loans.

A kind of "gift aid" — financial aid that doesn't have to be paid back. Grants are usually awarded based on need.

Money you borrow from the government, a bank or another source. Loans need to be paid back, usually over an agreed period of time. You will most likely also have to pay interest on a loan — a fee for borrowing the money.

Financial aid given to students based on their personal achievements. Most scholarships are considered merit aid, as they are generally awarded for success in school, the arts, athletics or another area.