Financial Terms for University

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Room and Board
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Terms in this set (15)
Room and Board
cost of housing and food while attending college
Loan
A type of financial aid that is available to students and to parents of students. It must be repaid.
Scholarship/ Grant
Money given to students for college from an organization. It does not need to be repaid.
Cost of Attendance
The total amount to attend a college, including tuition and fees, room and board, books, supplies and transportation.
Merit Scholarship
Money which is unrelated to financial need given to a student by a college for special achievement. (grades, skills, activities, etc)
Tuition
The cost paid for each credit hour of enrollment.
Interest
the price paid for the use of borrowed money
Award Letter
The notification of financial aid award. The award letter lists the types and amounts of financial aid the student is eligible for. To finalize the award package, the student must sign and return the award letter to the University's Financial Aid office.
Financial Aid Office
Office that decides how much money a student will receive in grants and loans
Estimated Family Contribution (EFC)
The amount of money that a student's family is expected to contribute to college costs for one year
Net Price Calculator
An online tool that gives you a personalized estimate of what it will cost to attend a specific college. Most colleges are required by law to post a net price calculator on their websites.
FAFSA (Free Application for Federal Student Aid)
The application required for US students to be considered for federal student financial aid. (US nationals only)
Out-of-State (Non-Resident) Student
Student whose permanent residence is in a different state than that of the college or university which he or she attends or hopes to attend. Out-of-state students generally pay higher tuition than do in-state students.
Fees
Required costs in addition to tuition; student activities, parking, registration, labs, health services, etc
Need-Based Scholarship
Money awarded to a student on the basis of financial need that doesn't have to be repaid