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