28 terms

College Financial Aid Vocabulary terms

College 101 12.18.2014
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Award Letter
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.
Bursar
College official responsible for handling billing and payments for tuition, fees, housing and other related expenses.
College Credit
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.
Financial Aid
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.
Grant
A kind of "gift aid" — financial aid that doesn't have to be paid back. Grants are usually awarded based on need.
Loan
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.
Merit Aid
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.
Need-Based Financial Aid
Financial aid (scholarships, grants, loans and work-study opportunities) given to students because they and their families are not able to pay the full cost of attending a certain college. This is the most common type of financial aid.
Need-Blind Admission
Policy of making college admission decisions without looking at applicants' financial circumstances. Colleges that use this policy may not offer enough financial aid to meet a student's full need.
Net Price
full cost of attendance at a college minus the amount of gift aid a student receives. This is the true amount of money a student will pay to attend a college.
Net Price Calculator
An online tool that gives a personalized estimate of what it will cost to attend a specific college. All colleges are required by law to post a net price calculator on their websites.
Outside Scholarship
Also called "private scholarship." A scholarship offered by a private organization — not the government or a college. Outside scholarships are offered by all kinds of groups, individuals, corporations and nonprofit organizations.
Priority Date
The date by which your application - whether it's for college admission, student housing or financial aid - must be received to be given the strongest consideration. Since financial aid is often limited, meeting the priority date is important to be eligible to receive funds.
Reserve Officers' Training Corps (ROTC)
Program offered by the military and available at some colleges. ROTC offers scholarships to students who agree to serve in the military after they graduate. Some ROTC four-year scholarships cover full tuition and fees. The program combines a military education along with college study leading to a bachelor's degree.
Residency Requirements
Amount of time a student has to live in a state before he or she is eligible for in-state tuition prices and state aid.
Scholarship
A kind of "gift aid"- Financial aid that doesn't have to be paid back. Scholarships may be awarded based on merit or partially on merit. That means they're given to students with certain qualities, such as proven academic or athletic ability.
Student Aid Report (SAR)
report sent to your family after you submit the Free Application for Federal Student Aid (FAFSA) that tells you what your expected family contribution (EFC) is.
Transcript
Official record of course work at a school or college.
Undergraduate
College student working toward an associate degree or a bachelor's degree.
Work-Study
A program that allows students to take a part-time campus job as part of their financial aid package. To qualify for the Federal Work-Study Program, you must complete the Free Application for Federal Student Aid (FAFSA).
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