Financial Aid

Self-help Aid

financial aid for which the student must take responsibility; includes work-study and loans

Gift Aid

financial aid which is a gift and does not have to be repaid; includes grants and scholarships

Free Application for Federal Student Aid (FAFSA)

form used to apply for federally funded financial aid; also used by some states and colleges to determine eligibility for state- and college-funded aid; includes questions concerning income, financial situation and demographic data

Financial Aid

funding provided to a student to help pay for education-related expenses

Expected Family Contribution (EFC)

measure of a family's financial ability used to determine eligibility for financial aid; calculated according to a formula which considers income, assets, family size and number of family members in college

Fee

money charged for services provided

Tuition

money charged for teaching and instruction provided by a school

Work-study Program

need-based financial aid program allowing students to work a part-time campus job to help pay for college

Loan Entrance Counseling

program which shows students how to manage student loans

Federal Student Loan

sum of money borrowed from the federal government to pay for college; typically have lower interest rates and more flexibility than private loans

Loan

sum of money borrowed. This DOES have to be paid back.

Grant

sum of money given by an organization for a particular purpose (often education). This money does NOT have to be paid back.

Scholarship

sum of money intended to support a student's education and awarded to the student based on achievement. This does NOT have to be paid back.

Room and Board

term referring to the costs of housing and food