Financial aid
Interest
A fee charged when you take out a loan. Interest is calculated as a % of the principle loan, amount. Fixed rate: constant throughout the life of the loan Variable rate: may change at specified tomes
Need analysis
A process of reviewing a students financial aid eligibility. Completing a ____ analysis form is a required first step in applying for most types of financial aid
Grant
A type of financial aid award based on need or merit. That DOES NOT require payment.
Work-study
An opportunity for a student to work part-time & attend college. Work-study is designed to help students find their college
Federal direct
Federally sponsored programs, which includes the Stanford loan & the PARENT PLUS loan. (For parents of undergrad students)
Estimated family contribution
EFC. The total amount student pays & their families are expected to pay toward college costs. This is determined from family &patient income &a assets from the year prior. Derived from a need analysis.
Gift aid
Financial aid that does not have to be paid back, such as scholarships and grants.
Merit-based aid
Financial aid that is awarded based on a students academic, leadership or artistic talent, or some other criteria. _____-based may consider a students grades, Test scores, special talents or extracurricular activities
Need-based aid
Financial aid that is awarded based on a students financial circumstance. ____-based aid can be awarded in the form of grants, loans or work-study.
FAFSA
Free education for feeder all student aid determined. Www._____.gov.forms
Award letter
Letter from the college financial aid office that is sent to the students listing all financial aid awarded to the students.
Student aid report
SAR. A form sent to the student after submitting the FAFSA. The SAR shows the information tat was processed and indicated Pell Grant Eligibility.
Cost of attendance
The students cost of attendance includes tuition, fees & a standard allocation designed to cover reasonable living expenses while attending.
Financial aid package
The total financial aid a student receives. Federal & non-federal aid, such as grants, loans & work study & scholarships, are a "combined package" to help meet student needs
Default
This term applies to loans. It is the failure to repay a student loan. If you fail to pay the state or federal gov't can take action to recover the $