| Grant: Financial aid that does
not have to be paid back--typically based on financial need.
Pell Grant: Federal grant program for undergraduate
students who demonstrate financial need and have not yet completed a
baccalaureate degree.
Student Aid Report (SAR): The official notification sent
to students after submitting the FAFSA. Students may be required to
submit this document to the college's financial aid office.
Expected Family Contribution (EFC): An amount, determined
by a formula that is specified by law, that indicates how much of a
family's financial resources should be available to help pay for
school. Factors such as taxable and non-taxable income, assets (such
as savings and checking accounts), and benefits (for example,
unemployment or Social Security) are all considered in this
calculation. The EFC is used in determining eligibility for Federal
need-based aid.
Financial Need: In the context of student financial aid,
financial need is equal to the cost of education (estimated costs
for college attendance and basic living expenses) minus the expected
family contribution (the amount a student's family is expected to
pay, which varies according to the family's financial resources).
Need-based Financial Aid: This kind of financial aid is
given to students who are determined to be in financial need of
assistance based on their income and assets and their families'
income and assets, as well as some other factors.
Budget: The estimated cost of attendance for a student at
an institution: typically includes tuition, fees, books, supplies,
room, board, personal expenses, and transportation.
Cost of Attendance: Also known as the budget, it includes
tuition and fees, room and board, allowances for books and supplies,
transportation, and personal and incidental expenses.
Satisfactory Academic Progress A schools policy concerning
the minimum number of courses that must be completed each semester,
the maximum time frame, and the minimum GPA required to receive
financial aid.
SEOG (Supplemental Educational Opportunity Grant): This is
a Federal award that helps undergraduates with exceptional financial
need, and is awarded by the school. The SEOG does not have to be
paid back.
Federal Work-Study (FWS): Federally sponsored Work-Study
(FWS) Program provides undergraduate and graduate students with
school-year part-time employment. The Federal Government pays some
of the student's salary, which helps departments and businesses pay
for and ultimately hire students. Eligibility is based on financial
need.
|
