Free
A form filled out by you and your parents based on your parents’ tax information. The federal government processes the form and sends a report to your choice of schools.
What is Free Application for Federal Student Aid (FAFSA)?
The office at a college or career school that is responsible for preparing and communicating information on financial aid. This office helps students apply for and receive student loans, grants, scholarships and other types of financial aid.
What is Financial Aid office?
A loan expense charged for the use of borrowed money. The expense is calculated as a percentage of the unpaid principal amount of the loan. paid by a borrower to a lender.
What is interest?
The approximate total cost for attendance including tuition and fees, room and board, books and supplies, transportation, personal expenses, and miscellaneous costs.
What is Cost of Attendance?
Amount of aid a school expects to pay a student based on the student’s current grant and loan eligibility, enrollment, Expected Family Contribution (EFC), and the school's cost of attendance.
What is Award Amount?
Financial aid that doesn’t need to be paid back. Can be given by the government, the college, or by private groups.
What is Grants?
Financial aid that needs to be paid back. Can be disbursed by the government, the college, or by private groups. Government ___ generally have lower interest rates and more options for forgiveness.
What are loans?
The process where interest accumulates on a loan
What is accrue?
A student who does not meet any of the criteria for an independent student. An independent student is one of the following: at least 24 years old, married, a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward of the court, someone with legal dependents other than a spouse, an emancipated minor or someone who is homeless or at risk of becoming homeless.
What is a dependent student?
An offer from a college or career school that states the type and amount of financial aid the school is willing to provide if you accept admission and register to take classes at that school.
What is Award Letter?
Financial aid that doesn’t need to be paid back. Can be based on merit (grades, achievements, and extracurricular activities) or based on need. Can be given by the college or by private groups.
What is Scholarships?
Texas-only version of the FAFSA. Used for students without Social Security Numbers.
What is the Texas Application for State Financial Aid (TASFA)?
A postponement of payment on a loan that is allowed under certain conditions and during which interest does not accrue on Direct Subsidized Loans, Subsidized Federal Stafford Loans, and Federal Perkins Loans. All other federal student loans that are deferred will continue to accrue interest. Any unpaid interest that accrued during the deferment period may be added to the principal balance (capitalized) on the loan(s).
What is deferment?
A ___ student is one of the following: at least 24 years old, married, a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward of the court, someone with legal dependents other than a spouse, an emancipated minor or someone who is homeless or at risk of becoming homeless. Get additional information to determine your dependency status.
what is an Independent student?
The price of classes. Does not include room and board, textbooks, or other fees.
What is tuition?
created in 2001 (via Texas Education Code Section 56.402) to provide grant aid for tuition and required fees to financially needy students who enroll in Texas public two year colleges.
What is The Texas Educational Opportunity Gran (TEOG)?
The process your school uses to confirm that the data reported on your FAFSA or TASFA is accurate. Your school has the authority to contact you for documentation that supports the income and other information that you reported.
What is verification?
A mandatory information session which takes place when you graduate or attend school less than half-time that explains your loan repayment responsibilities and when repayment begins.
What is exit counseling?
Amount of the cost of attendance that the government thinks your family can pay. Based on a formula using information from the FAFSA or TASFA, including family income and size.
What is expected family contribution (EFC)?
A loan available to graduate students and parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest regardless of the loan status.
What is a PLUS loan?
Financial aid that doesn’t need to be paid back. Given out as wages in exchange for working for the college, a government agency, or a private business.
What is work study?
Individual package of loans, grants, scholarships, and work study, determined by each college, based on your FAFSA or TASFA and expected family contribution.
What is a Financial Aid Package?
A period of time after borrowers graduate, leave school, or drop below half-time enrollment where they are not required to make payments on certain federal student loans. Some federal student loans will accrue interest during this time, and if the interest is unpaid, it will be added to the principal balance of the loan when the repayment period begins.
What is a Grace Period?
The fees for on-campus housing and food from the dining hall.
What is room and board?
A loan based on financial need for which the federal government pays the interest that accrues while the borrower is in an in-school, grace, or deferment status. This subsidy takes the form of an interest payment, so that a student who receives a $5,000 during their freshman year only owes $5,000 when they graduate.
What are Subsidized loans?