Find definitions to financial aid terms that are regularly used by staff and funding organizations.
The period during which school is in session, consisting of at least 30 weeks of instructional time and at least 24 credit hours.
In the Federal Methodology, the remaining income after the allowances such as taxes and a basic living allowance have been subtracted.
The total parent or student’s income before taxes, deductions and allowances have been subtracted.
A formal request to have a committee review your special circumstances that resulted in your financial aid suspension. Only one appeal will be accepted for review. The committee decision is final.
An official list issued by a school’s Financial Aid Office that can be viewed on the student’s online account. An email will be sent to each student when the award information is available online.
An item of values, such as a business, farm equity, real estate, stocks, bonds, mutual funds, cash, CDs, trust funds and bank accounts, etc.
The tax year prior to the academic award year for which financial aid is requested. The base year runs from Jan. 1 to Dec. 31 of the prior year.
Financial aid programs are administered by the College. The federal and state government provides the College with a fixed annual allocation, which is awarded by the financial aid administrator to deserving students. Such programs include Federal Supplemental Educational Opportunity Grant, Federal Work-Study and State Grants. Students must apply early for consideration.
The total averaged amount of the cost to attend school which includes tuition, fees, room and board, allowances for books and supplies, transportation and personal and incidental expenses.
In the case of a divorce, the custodial parent is the one with whom the student lived the most during the past 12 months. The student’s need analysis is based on financial information supplied by the custodial parent.
Occurs when a borrower is allowed to postpone repaying the student loan. If you received a subsidized loan, the federal government pays the interest charges during the deferment period. Most federal loan programs allow students to defer their loans while they are in school at least half time.
Court order that releases a child from the control of a parent or guardian.
Your enrollment as a full-time, three-quarter-time, half-time or less than half-time course load.
EFC the amount of money that the family is expected to be able to contribute to the student’s education, as determined by the Federal Methodology need analysis formula approved by Congress.
FWS is self-help aid in the form of a part-time job.
Need is the difference between the cost of attendance and the expected family contribution (COA – EFC=Need).
Need-based financial aid is awarded on the basis of the financial need of the student. The students must file a FAFSA application. The FAFSA calculates the students and/or parents’ information to determine the student’s Expected Family Contribution (EFC). The College uses the EFC to decide what types of financial aid a student is eligible to receive. The FAFSA must be completed each year for consideration of financial aid.
All students have a lifetime eligibility limit of 12 full-time semesters on Pell Grant funding. This includes all grant awards the student has received in the past.
Remaining balance on a student account that is paid within 14 days of the drop/add deadline as long as the student remains eligible and attends class.
Unmet need is the differences between need and other aid awarded (Need – ALL Aid awarded=unmet need).