Financial Aid Basics
This is money given or loaned to help pay for college; it can come from the government, colleges, or private organizations.
What is Financial Aid?
The free application you submit to apply for federal financial aid; it may also qualify you for state aid.
What is FAFSA?
A kind of gift aid that doesn’t need to be repaid; often awarded based on merit or specific qualities like academic or athletic ability.
What is a Scholarship?
Money you borrow from a government, bank, college, or other source that must be repaid, usually with interest.
What is a Loan?
The total amount of college expenses, including tuition, fees, room and board, books, and living expenses.
What is Cost of Attendance?
The communication you receive from a college that shares the types and amounts of financial aid being offered.
What is an Award Letter?
An online application used by hundreds of colleges to award non federal financial aid funds, offered by the College Board.
What is the CSS Profile?
Financial aid that doesn’t have to be paid back; usually awarded based on financial need.
What is a Grant?
Additional money paid to borrow loan funds, calculated as a percentage of the outstanding principal.
What is Interest?
The true amount a student will pay for a college after subtracting grants and scholarships from the total cost of attendance.
What is Net Price?
A college office that serves as a resource for students needing help paying for college; they can help you apply for aid and offer financial wellness programs.
What is the Financial Aid Office?
A summary of all the information submitted on your FAFSA, including your Student Aid Index and estimated aid eligibility.
What is the FAFSA Submission Summary?
A financial aid program that allows students to work a part-time campus job and earn money as part of their aid package.
What is Work-Study?
A type of federal loan where interest does not accrue while the student is enrolled at least half-time.
What is Subsidized Loan?
An online tool that gives you a personalized estimate of what it will cost to attend a specific college.
What is Net Price Calculator?
College employees trained to help students and families apply for grants, loans, scholarships, and work-study employment
What is a Financial Aid Officer?
The number used by a college's financial aid office to determine how much federal student aid you may receive, based on your FAFSA.
What is the Student Aid Index or SAI?
Financial aid awarded because a family is not able to pay the full cost of attending a certain college.
What is Need-Based Financial Aid?
A type of federal loan where interest accrues while the student is in college.
What is Unsubsidized Loan?
A classification based on the number of credit hours you're taking—such as full-time or half-time—that can impact your eligibility for certain types of financial aid, like some loans.
What is a Enrollment Status?
The college office is responsible for handling billing and payments for tuition, fees, and housing.
What is the Bursar or Student Financial Services?
The date by which your application must be received to be given the strongest consideration for funding.
What is the Priority Date?
Financial aid given to students based on their personal achievements in school, arts, athletics, or other areas.
What is Merit Aid?
A legal document that you sign to agree to repay your loan, including the terms and conditions.
What is a Master Promissory Note?
University guidelines that determine whether a student remains eligible to receive financial aid.
What is Satisfactory Academic Progress or SAP?