Financial aid

Interest

A fee charged when you take out a loan. Interest is calculated as a % of the principle loan, amount. Fixed rate: constant throughout the life of the loan Variable rate: may change at specified tomes

Need analysis

A process of reviewing a students financial aid eligibility. Completing a ____ analysis form is a required first step in applying for most types of financial aid

Grant

A type of financial aid award based on need or merit. That DOES NOT require payment.

Work-study

An opportunity for a student to work part-time & attend college. Work-study is designed to help students find their college

Federal direct

Federally sponsored programs, which includes the Stanford loan & the PARENT PLUS loan. (For parents of undergrad students)

Estimated family contribution

EFC. The total amount student pays & their families are expected to pay toward college costs. This is determined from family &patient income &a assets from the year prior. Derived from a need analysis.

Gift aid

Financial aid that does not have to be paid back, such as scholarships and grants.

Merit-based aid

Financial aid that is awarded based on a students academic, leadership or artistic talent, or some other criteria. _____-based may consider a students grades, Test scores, special talents or extracurricular activities

Need-based aid

Financial aid that is awarded based on a students financial circumstance. ____-based aid can be awarded in the form of grants, loans or work-study.

FAFSA

Free education for feeder all student aid determined. Www._____.gov.forms

Award letter

Letter from the college financial aid office that is sent to the students listing all financial aid awarded to the students.

Student aid report

SAR. A form sent to the student after submitting the FAFSA. The SAR shows the information tat was processed and indicated Pell Grant Eligibility.

Cost of attendance

The students cost of attendance includes tuition, fees & a standard allocation designed to cover reasonable living expenses while attending.

Financial aid package

The total financial aid a student receives. Federal & non-federal aid, such as grants, loans & work study & scholarships, are a "combined package" to help meet student needs

Default

This term applies to loans. It is the failure to repay a student loan. If you fail to pay the state or federal gov't can take action to recover the $