Acronyms
What is SAP?
Satisfactory Academic Progress (SAP) is measured by a set of university guidelines that determines if you’re eligible to continue financial aid.
What is a scholarship?
A scholarship is a form of financial aid awarded to students for further education. Generally, scholarships are awarded based on a set of criteria such as academic merit, diversity and inclusion, athletic skill, and financial need, research experience or specific professional experience.
What are federal grants?
Federal grants are funds provided by the government to organizations and entities supporting various programs and projects.
What is loan delinquency?
Failure to make loan payments when they are due; delinquency can result in loan default.
What is VA?
Veterans Affairs - benefits for those veterans and dependents who qualify
What is COA?
Your Cost of Attendance (COA) is an estimate of everything that you’ll need to budget for and includes tuition and fees, room and board (whether on campus, off campus, or commuting), books, supplies, personal expenses, and transportation.
What is a private loan?
A private loan is a loan that's provided by an individual or company, rather than a financial institution
What are state grants?
State grants are financial aids provided by government entities to support various initiatives and individuals within a state.
What is loan deferment?
A postponement of a loan’s repayment; many federal loan programs have a deferment program.
What is Ch 31?
Voc Rehab
What is EFC?
Expected Family Contribution - The amount the federal government determines your family should be able to contribute to your education.
What is a federal loan?
A federal loan is a type of loan to help students pay for fees and expenses associated with attending college, including tuition, books, and room and board. This type of financial aid has to be paid back, frequently with interest.
What are private grants?
Private grants refer to funding provided by non-governmental entities, such as corporations, foundations, or philanthropic organizations, to individuals, businesses, or non-profit organizations for various purposes.
What is Loan Consolidation?
A repayment option for students with more than one outstanding loan; this lowers monthly payments and makes the repayment process simpler.
What is CH 33?
Post 9/11 benefits - typically the student is the veteran
What is FAFSA?
The federal application for student financial aid
What is an Unsubsidized Loan?
This type of federal loan collects interest while you’re in college.
What is the pell grant?
The Pell Grant is a form of need-based federal financial aid awarded by the U.S. Department of Education to help eligible low-income students pay for college costs, including tuition, fees, room and board, and other educational expenses.
What is Loan Dismissal?
Also known as cancellation of forgiveness; a situation in which a loan, or portion of a loan, no longer needs to be paid back; almost always based on very specific and limited circumstances.
What is CH 35?
VA Survivors' and Dependents' Educational Assistance (DEA) - student is a dependent of the veteran
What is SAI?
Student Aid Index- A number that FAFSA will use to determine the amount of aid you need based on your contributions
What is a Subsidized Loan?
This type of federal loan does not collect interest while you are still in college. Interest begins to accrue after you are no longer enrolled on at least a half-time basis.
What is the difference between grants and loans?
You don't have to pay grants back but you have to pay loans back(and sometimes, even with interest)
What is Loan Default?
The failure to repay a loan according to the terms agreed to in the promissory note; a lender may take legal action to get the money back.
What is COE?
Certificate of Eligibility