Financial Aid Terms
The name of the financial aid application.
What is the FAFSA (Free Application for Federal Student Aid)?
This is sent to new students after they file their FAFSA to indicate what types of financial aid they will receive.
What is an Award Letter?
This is the money you receive from working a job, usually weekly, biweekly, or monthly.
What is income?
These are some reasons a student may contact the Financial Aid Office.
Change in a student’s household (divorce, separation, death, loss of employment, etc.), enrollment status (reducing number of classes you take), scholarships awarded, general questions!
This university in Boston is known for its co-op program, where students alternate semesters of coursework with full-time employment.
What is Northeastern University?
A type of financial aid based on need that does not need to be paid back.
What is a grant?
The length of time after completing your degree that you have to start paying back your student loans.
What is 6 months?
Rent, groceries, and transportation are examples of this type of expense, rather than a want.
What is a need?
This is something that you and your parent(s)/guardian(s) will use to sign and complete the FAFSA.
What is the Federal Student Aid (FSA) ID?
This small, private college in Boston focuses on communications, performing arts, and creative studies.
What is Emerson College?
Financial aid that is awarded based on a student’s academic, leadership, or artistic talent.
What is Merit-Based Aid?
Tuition, fees, books, and supplies are considered in this figure.
What is Cost of Attendance?
This type of expense generally stays the same each month, such as rent or a monthly phone plan.
What is a fixed expense?
A way to pay back your federal student loans using your income to calculate your monthly payment.
What is the Income-Driven Repayment Plan?
Located in Cambridge, this school’s motto is “Mens et Manus,” meaning “Mind and Hand.”
What is MIT (Massachusetts Institute of Technology)?
Starting with the 2024–25 FAFSA, this number replaces the Expected Family Contribution (EFC) and determines a student’s eligibility for federal financial aid.
What is the Student Aid Index (SAI)?
This Massachusetts state program provides need-based financial aid to eligible residents attending approved schools in the state.
What is the MassGrant?
According to the 50/30/20 budgeting rule, this is the percentage of your paycheck you should aim to put toward savings and paying off debt each month.
What is 20%?
This federal grant program provides up to several thousand dollars per year to undergraduate students with exceptional financial need.
What is the Pell Grant?
Massachusetts is known for having one of the highest concentrations of colleges and universities in the country. About how many degree-granting institutions are located in the state?
What is around 100 to 110 colleges and universities?
Subsidized and Unsubsidized loans provided by the government are this type of aid.
What are Federal Loans?
A form sent to the student after submitting the FAFSA that shows the information was processed and indicates Pell Grant eligibility.
What is the Student Aid Report (SAR)?
This type of savings fund helps cover unexpected expenses, such as car repairs, medical bills, or losing your job.
What is an emergency fund?
This will need to be completed before accepting a loan and when you graduate.
What is Student Loan Entrance and Exit Counseling?
This Massachusetts university enrolls the largest number of students in the state, with over 30,000 undergraduates.
What is Boston University?