Where and When
Which office is responsible for billing of student tuition accounts. This responsibility involves sending bills and making payment plans; the ultimate goal is to bring all student accounts to a "paid off" status. Bursars are not necessarily involved in the financial aid process.
Bursar's Office
A waiver provided to eligible students who cannot pay for the application fees that most colleges require
Application Fee Waiver
These loans are available for undergraduate students, and are awarded based on financial need. With this type of loan, the federal government pays the interest while you are enrolled in college.
Subsidized Loan
Any grant or scholarship, loan, or paid employment offered to help a student meet his/her college expenses. This aid is provided by various sources such as federal and state agencies, colleges, high schools, foundations, and corporations.
Financial Aid
The amount you are charged for taking classes - usually it is a dollar amount per credit taken.
Tuition
A student who does not live on campus; a student living at home with his or her parents, or any student who lives off-campus
Commuter
The amount it will cost for one year of college, including housing and food (aka room and board), fees, books, travel (to and from campus and to and from home for breaks if going away), and personal expenses.
Cost of Attendance
Low-interest federal student loans for undergraduate and graduate students with exceptional financial need.
Federal Perkins Loan
Financial aid that is a gift from the government or a private organization usually based on academics or merit. You don't have to pay it back.
Grants
Online tool that allows prospective student to enter their academic information and general family income to generate an estimated financial aid award letter.
Net price calculator
The month that families can begin to submit their completed FAFSA applications
October
Some colleges require this in addition to FAFSA for the financial aid application (usually private colleges).
CSS Profile
Awarded to eligible students, based on information submitted on the FAFSA.
Federal Pell Grant
Form of financial aid usually awarded based on application, not always merit. You don't have to pay it back.
Scholarship
Unique password used to electronically “sign” and submit FAFSA. Each student and parent has their own.
FSA ID
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.
Priority Deadline
The amount of money a student and their family are expected to be able to contribute to paying for their students continued education
SAI (Student Aid Index)
Federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay for education expenses.
Direct PLUS Loan
Some people take out these loans through banks and other companies if federal aid does not meet the cost of attendance. One thing to be aware of it that these loans usually have very high interest rates.
Private Loans
Letter from colleges’ financial aid offices letting students know what amounts of grants and loans they are being offered to attend a specific college - usually emailed out by March or April.
Financial Aid Award Letter
Way of applying to a college that is binding - if you are accepted, you are expected to attend.
Early decision
Legal document you and/or your guardian must sign, promising to pay back money on a loan.
Master Promissory Note
A type of federal loan that combines two or more federal education loans into a single loan with a fixed interest rate based on the average rate of the loans being consolidated.
Direct Consolidation Loan
A type of financial aid where students work a job through their college to earn money to pay for school.
Work Study
Mandatory online quiz designed to educate students about the details of taking out a student loan. You cannot sign the Promissory Note without completing this at www.studentloans.gov.
Loan Counseling