Financial Aid

Unmet Financial Need

Also known as the "gap" or difference between the Cost of Attendance and the Expected Family Contribution. This is the amount on which financial aid and loans are based

Federal Supplemental Educational Opportunity Grant (FSEOG)

An FSEOG is for undergraduates with exceptional financial need--that is, students with the lowest Expected Family Contributions (EFCs)--and gives priority to students who receive Federal Pell Grants.

Institutional Methodology

Another method for calculating a family's expected contribution based on the completion of a CSS/Financial Aid Profile. This amount is used for awarding financial aid from funds under the college's control

Work-study

In this federally funded program, students take campus jobs as part of their financial aid package.

Loan

Money that you must pay back.

Unsubsidized Loans

Non need based student loan on which interest accrues while the student is in college

CSS Profile

Short for the College Scholarship Service Profile, is an application distributed by the College Board in the United States allowing college students to apply for financial aid. It is primarily designed to give private member institutions of the College Board a closer look into the finances of a student and family. It is much more detailed than the FAFSA.

Grants

Similar to scholarships in that you don't need to pay them back.

Free Application for Federal Student Aid (FAFSA)

Submitting a FAFSA is a requirement for all students seeking federal financial aid. Most colleges require the FAFSA, and in many states, completion of the FAFSA is also sufficient to establish eligibility for state-sponsored aid programs.

Expected family contribution (EFC)

The EFC is the amount a student's family can reasonably be expected to pay for one year of college.

Professional Judgment

The authority of a school's financial aid administrator to make adjustments to the data elements on the FAFSA, based on supporting facts and documentation. This authority is also regulated by governmental requirements and guidelines subject to strict compliance audits

Cost of Attendance (COA)

The cost of attendance is the sum of the total amount of money spent while attending college. It includes money spent on tuition and fees, books and supplies, and living expenses.

Room and board

The cost of having a place to sleep (room) and food to eat (board) while at school.

Tuition

The cost of your classes. Some schools charge tuition based on how many units you are taking, while others charge a base rate per semester as long as you stay within a certain range of units.

Federal Methodology

The method used for calculating EFC based on the FAFSA

Financial Aid Office

The office on a college campus that is responsible for processing students' financial aid.

Subsidized Loans

These loans are need-based loans with interest paid by the government and payments deferred as long as the student is enrolled in a post-secondary program of studies.

Federal Pell Grant

This grant is a form of financial aid provided by the Federal government to students whose FAFSA indicates a high level of financial need

Financial Aid Award letter

This is a document sent to admitted students describing the terms of the financial aid that the college is offering them, including the types and amounts of aid offered, the conditions that govern the awards, and a deadline for accepting the awards.

Student Aid Report (SAR)

This is a report sent to families in response to their submission of the Free Application for Federal Student Aid (FAFSA). It indicates the expected family contribution (EFC).

Need-Based Financial Aid

This means financial aid that is awarded on the basis of a family's inability to pay the full cost of attending a particular college.