Financial Aid Study Guide

EFC

(Expected Family contribution): The amount that a student and his or her family will need to contribute towards the cost of the students education. It is used to determine financial aid eligibility.

SEEK

A CUNY program designed to meet the needs of students who are considered to be economically disadvantaged and academically underprepared.

Educational Opportunity Program (EOP)

A SUNY Program designed to meet the needs of students who are considered to be economically disadvantaged and academically underprepared.

Federal Stafford Loan

A federal program based on need that allows a student to borrow money for educational expenses directly from banks and other lending institutions.

Pell Grant

A grant awarded based on financial need by the U.S. federal government to help students pay for higher education.

TAP Grant

A grant based on family income that is provided by New York State to help students pay for college.

Student Award Letter

A letter sent by a college to a student telling them what and how much financial aid they got.

Work Study

A program that allows students to work part time while continuing their studies.

CSS Profile

An application distributed by the College Board in the United States allowing college students to apply for financial aid.

Parent Plus Loan

Borrowed and repaid by a parent on behalf of a dependent student.

Gift Aid

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

FAFSA

Free Application for Federal Student Aid; determines how much financial aid a student may receive.

Institutional Grant

Gift aid provide by the college. Based on either need or academic/extracurricular achievements.

HEOP

Independent colleges which provides economically and educationally disadvantaged residents the possibility of a college education.

Dream Act

Undocumented students who attended school in New York can apply for different types of state financial aid.