Miscellaneous
Financial Aid Terms
Student Loans
Financial
Aid Package
Financial Aid
Timeline
100

This process explains the differences between loan types, how interest is assessed and the general terms of a federal loan.

What is loan entrance counseling?

100

The name of the financial aid application.

What is a FAFSA?

100
Any U.S. citizen, eligible non-citizen that has not previously defaulted on a federal loan and is enrolled for at least 6 credit hours.
Who can apply for federal student loans?
100
Two copies of this are sent to new students after they file their FAFSA to indicate what types of financial aid they will receive.
What is an award letter?
100
Early January every year.
When does the FAFSA online application become available?
200

A change in a student's household (divorce, separation, death, loss of employment, etc.) or enrollment status.

What are some reasons for a student to contact the Financial Aid Office?

200

Subsidized and Unsubsidized are examples of this type of aid.

What are federal loans?

200
$3,500 in Subsidized and $2,000 in Unsubsidized.
What is the maximum amount you can receive as a first-time Freshman in Federal Stafford Loans?
200
Tuition, fees, books and supplies and loan fees are considered in this figure.
What is Cost of Attendance?
200
These become available the first day of classes each semester if a student has enough aid to cover the cost of his/her bill.
What is a book voucher?
300
Is used to sign the FAFSA and/or an electronic master promissory note.
What is the purpose of a federal pin number?
300

Students who receive this type of aid can work jobs both on and off-campus for extra money.

What is Federal Work Study?

300
Typically, 6 months after graduation or when you are no longer enrolled in school.
When do I start paying back my loans?
300
A student's EFC, Program of Study, Enrollment Status and transcripts.
What is used to determine a student's financial aid awards?
300
This is available to students whose aid exceeded their overall Cost of Attendance and book voucher. (In the fall it is ready in late October/early November and in the spring in late March/early April.)
What is a refund check?
400

By signing an award letter or using my student portal.

How do I accept or decline my financial aid awards?

400

Pell, and  SEOG are examples of this type of aid.

What are grants?

400
6.8%
What is the fixed interest rate on all Unsubsidized Stafford loans?
400
This sheet lists a student's estimated "Cost of Attendance" and a breakdown of what awards the student will be receiving.
What is a "Cost Analysis Worksheet"?
400
Typically a week or so after their FAFSA is submitted.
When is a student's financial aid determined?
500

Loans need to be paid back, grants do not.

What is the difference between grants and loans?

500

This number is generated by the tax and income information a student enters on the FAFSA and ultimately decides what types of aid they are eligible for.

What is an EFC (or Estimated Family Contribution)?

500
The federal government pays the interest on this type of loan while you are attending school.
What is a Subsidized Stafford Loan?
500
Directions on how to complete loan entrance counseling and an electronic master promissory note can be found on the second page of this.
What is the "Understanding Your Financial Aid Award Letter" handout?
500
This application can be accessed via an emailed link about 3 business days after the FAFSA has been submitted.
What is a TAP (Tuition Assistance Program) application?
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