BINGO
Student Financial Aid Terms You Should Know:
Fellowship
A scholarship or grant awarded to a graduate student in a college or university.
Scholarship
Financial aid that usually is awarded for merit or academic achievement. A scholarship is considered gift aid and does not have to be paid back.
Grant
A gift aid that does not have to be paid back.
Loan
Money which must be repaid. Loan programs have varying repayment provisions.
Work Study
This program provides jobs that enable students to earn a portion of school costs through employment at the institution.
Need
The term need, as used in financial aid, usually refers to the difference between the resources available to the student (from parent’s, student savings and summer jobs, etc.) and the cost of attending the student’s selected postsecondary institution. The process of determining “need” is often referred to as a “need analysis.”
Self Help
Financial resources provided by the student.
Family Contribution
The combined contribution reasonably expected during the enrollment period from the student (and his or her spouse if applicable), as well as from the student’s parents if the student is a dependent.
Free Application for Federal Student Aid (FAFSA)
A free form distributed by the U.S. Department of Education to collect information used to determine a student’s need for federal financial aid.
Conversion scholarship/loan
A scholarship that requires you to provide certain services, such as teaching or nursing, for a certain length of time. If the services are not provided, the scholarship becomes a loan which must be paid back with interest.
Waiver
An agreement that allows attendance at a school without having
to pay tuition or other costs if certain eligibility requirements are met.
Assets
The amount a family has in savings and investments.
Award Letter(s)
This is a college's answer to your request for financial aid.
Eligibility
To be eligible to receive federally funded college aid, a student must be a U.S. citizen or legal resident.
EFC (Expected Family Contribution)
A figure determined by a formula that indicates how much of a family's resources the government considers "available" for college expenses.
Independent Student
A student who reports only his own income when applying for federal aid.
Merit-Based Aid
Any form of financial aid awarded on the basis of personal achievement or individual characteristics without reference to financial need.
Private Loans
Money comes from banks, credit unions, life insurance policies or home equity loans.
Subsidized Loan
A loan for which the borrower is not responsible for all of the interest payments.
Unsubsidized Loan
A loan for which borrower is responsible for all of the interest payment
Cost of Attendance (COA)
The annual cost of attending college that is used to determine a student's financial need; includes tuition, books, fees, room and board, transportation and out-of-pocket expenses; also referred to as the student expense budget.
College Scholarship Service (CSS) Profile
A financial aid application, in addition to the FAFSA, required by some schools for dispensing institutional funds.
Cooperative Education
A program that allows students to alternate college studies with salaried work experience off-campus.
Dependent Student
An unmarried student under the age of 24 who has no dependents and who has access to parental support.
Financial Aid Package
The total financial aid award received by the student
Financial Need
The amount by which a student's family contribution falls short of covering the student expense budget.
Gift Aid
Student financial aid, such as scholarships and grants, which does not have to be repaid and does not require a student's being employed.
Institutional Methodology
A formula used to determine eligibility for college money.
Self-help Aid
Student financial aid, such as loans and jobs that require repayment or a student's being employed.
Simplified Needs Test
A formula used by families whose total adjusted gross incomes are under $50,000 and who are eligible to file a 1040EZ, 1040A, or no tax return at all.
SREB Academic Common Market
An agreement among sixteen states which enables students to receive a waiver for out-of-state tuition for certain specific majors not offered in their home state.
Student Aid Report (SAR)
A report produced by the U.S. Department of Education that outlines information provided on the FAFSA, requests corrections and reports the expected family contributions.
Tuition Payment Plan
A method of payment offered by colleges, banks, insurance companies, and financial management organizations.
Interest: The percentage at which the bank charges you for borrowing money. The higher the percentage, the more money you will have to pay back.
Academic Year
The period during which school is in session, consisting of at least 30 weeks of instructional time.
Borrower
The person who receives the loan.
Bursar's Office
(Also called Student Accounts Office) The university office that is responsible for the billing and collection of university charges.
Campus-based Aid
Financial aid programs are administered by the university. The federal government provides the university with a fixed annual allocation, which is awarded by the financial aid administrator to deserving students
Disbursement
Disbursement is the release of loan funds to the school for delivery to the borrower
Eligible Non-Citizen
Someone who is not a US citizen but is nevertheless eligible for Federal student aid.
Federal Processor
The organization that processes the information submitted on the Free Application for Federal Student Aid (FAFSA) and uses it to compute eligibility for federal student aid.
Fellowship
A form of aid given to graduate students to help support their education
Financial Aid Office (FAO)
The college or university office that is responsible for the determination of financial need and the awarding of financial aid.
Financial Aid Package
The complete collection of grants, scholarships, loans and work-study employment from all sources (federal, state, institutional and private) offered to a student to enable them to attend the college or university.