Acronyms
This document needs to be submitted every academic year to be considered for Federal Financial Aid.
What is the FAFSA?
Type of year used for accounting and financial purposes.
What is fiscal?
Confirms student eligibility criteria using various database matches with federal agencies
What is use of FAFSA data?
Students who have lost eligibility for financial aid may submit a written appeal.
What is Satisfactory Academic Progress appeals?
What Flag requires transcripts and statement addressing any failures to obtain credit
What is Unusual Enrollment History (UEH)?
It is important to know this number for each college you are considering, so you know if you can afford attendance.
What is Cost of Attendance?
Students not maintaining a 2.0 GPA may find themselves needing to submit an appeal for financial aid. This is the "A" in "SAP".
What is academic?
Uses skip logic and edits and allows for real time, online submission of initial FAFSA and any corrections
What is online FAFSA?
May follow or replace a financial aid warning.
What is financial aid probation?
What Verification group(s) does these two requirements fall under?
What is verification groups V4 and V5?
Formerly referred to as the SAR (Student Aid Report), it's 'simplified' name is going to be this.
What is FSS? (FAFSA Submission Summary)
Provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses.
What is Federal Work Study?
Student’s parents refuse to complete the FAFSA; or do not and will not provide any financial support to the student but student cannot be considered independent on the FAFSA,
What is Direct Unsubsidized Loan only?
This status means that financial aid has been denied for not meeting the completion rate, GPA, or both but an option to appeal may be available.
What is unsatisfactory (completion, GPA, maximum time frame)?
What TWO verification Groups verify Tax information?
What is verification groups V1 and V5?
A secure connection between the IRS and the U.S. Department of Education (ED) that allows the IRS to directly transfer federal tax information (FTI) to the FAFSA form
What is the Future Act Direct Data Exchange (FA-DDX)?
The federal government makes these available in limited amounts to help students cover the cost of college after other aid is exhausted.
What are federal student loans?
Historically limited to those with a valid SSN, this is no longer required to create a FSA ID. This term refers to anyone who is required to provide information on a student's FAFSA form.
What is a contributor?
The measurement of SAP is considered...
What is quantitative and qualitative?
5 required fields on the verification form.
What are name, DOB, social security number, household size, number in college, untaxed income, signature and date?
Federal regulations require that students applying for funding through the Title IV Student Aid Programs must meet and maintain minimum academic progression requirements.
What is Satisfactory Academic Progression (SAP)?
While students applying for aid currently need to disclose these, the simplified FAFSA will exempt low-income applicants from having to disclose information about this type of resource.
What are assets?
Allows the transfer of FTI to the FAFSA and once completed cannot be changed
What is FA-DDX? (IRS Direct Data Exchange)
This is a long-range plan for success and is tailored to the student’s unique needs. It is also for a specific point in time for meeting SAP standards and may extend beyond 150% maximum time frame.
What is an academic plan?
The process required by the Department of Education to verify the accuracy of the information submitted by or on behalf of a student for the purpose of applying for financial aid. Its purpose is to reduce errors in applicant reported data and to insure, to the maximum extent possible, that eligible applicants receive the financial aid they are eligible for.
What is verification?