College financial aid terms

award letter

An award letter basically outlines your financial aid package from the colleges to which you applied

work-study/ work award

The Federal Work Study program provides funds to eligible students (see FAFSA above) for part-time employment to help finance the costs of postsecondary education. In most cases, the school or employer has to pay up to 50 percent of the student's wages, with the federal government covering the rest. You could be employed by the college itself; or by a federal, state, or local public agency; a private nonprofit organization; or a private for-profit organization.

tuition reimbursement

Tuition reimbursement, also sometimes called "tuition assistance," is increasing in popularity. Some employers will refund you the cost of your tuition if you're studying a work-related area. Tuition reimbursement can cover as little as one or two courses, or can cover up to the entire cost of your education.

tuition

a sum of money charged for teaching or instruction by a school, college, or university.

loans

amounts of money borrowed which will accumulate interest

room and board

cost of housing and food while attending college or career school.

expected family Contribution (EFC)

expected family contribution considers taxed and untaxed income, assets, and benefits, the size and number of family attending college during the year. Expected family contribution is calculated based on your fafsa results.

federal student aid

federal aid programs come in the form of government grants, loans, and work-study assistant and are available to students at eligible post-secondary institutions

grants

grants are money that come from the state or federal gov, from college itself, or private sources- it's provided money for college that doesn't have to be paid back

scholarships

scholarships are primarily awarded for academic merit or for something you have accomplished.

fafsa (free application for federal student aid)

signing up for fafsa determines the amount that you or your family will contributing to your postsecondary education

Financial Need

the amount of a students total cost of attendance that isn't covered by the expected family contribution or outside grants and scholarships