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ATK (Acronyms to Know)
Access these Awards
Show Me the Money
100
FAFSA
What is Free Application for Federal Student Aid. It is a *form* you fill out to apply for financial aid (it is not financial aid itself).
100
Scholarships
What are merit-based awards that do not have to be repaid.
100
Pell Grant
What is a grant that is need-based, don’t have to be repaid, award of up to $5,775; 12 semesters (6 year) lifetime
200
FSA ID
What is Federal Student Aid ID. This is your username and password to access your FAFSA and to digitally sign it online.
200
Grants
What are need-based awards that do not have to be repaid.
200
Direct subsidized loan
What is a low interest federal loan where the government pays your interest while you’re in school; award amount of up to $3,500 (for first year students; amount goes up by 1K each year).
300
PHEAA
What is Pennsylvania Higher Education Assistance Agency. It administers several state financial aid programs.
300
Federal loans
What is a loan program from the federal government (needs to be repaid) with low interest and other benefits.
300
Direct unsubsidized loan
What is a low interest federal loan where you pay the interest (can defer interest until you’re out of school) of up to $5,500/first year ($3,500 of which can be subsidized) for dependent students or $9,500/year ($3500 of which can be subsidized) for independent students. The current interest rate is 4.29%.
400
EFC
What is Expected Family Contribution. The amount of money you and your family are expected to contribute toward your cost of attendance, as calculated by a federally mandated formula.
400
Private loans
What are is loans from other sources (often banks) with higher interest rates than federal loans
400
Verification
What is a process to make sure information on the FAFSA is correct. The financial aid office at your college will want to see physical copies of your IRS tax return transcript and W-2s. At least 80% of students at CCP are selected for verification.
500
SAR
What is Student Aid Report. A report you’ll receive after filling out the FAFSA that identifies your EFC and contains a brief summary of the info you put on your FAFSA. Check this to make sure your information is correct!
500
Work-study
What is a program in which students work part-time (usually at the college) and earn money to help pay education expenses. Your FAFSA must be filed by March 15 in order to apply for work-study.
500
Satisfactory Academic Progress (SAP)
What is passing 67% of your attempted courses while maintaining a certain GPA in order to stay eligible for financial aid.