The Vocabulary of Finanicial Aid: A Glossary

The Vocabulary of Financial Aid: A Glossary 

Accreditation-

The US Department of Education recognizes that the school meets basic academic standards. Schools must be accredited to be eligible to participate in federal student aid programs. Make sure the schools you are considering are accredited! 

COA- Cost of Attendance

The total amount it will cost you PER YEAR to go to school. This number includes tuition and fees; room and board; and allowances for books, supplies, transportation, loan fees, and dependent care. It will include personal expenses, such as an allowance for the rental or purchase of a personal computer; costs related to a disability; and reasonable costs for eligible study-abroad programs.

DRN- Data Release Number
A 4 digit number given to you on your SAR (top right hand corner). It can be used to grant permission for your FAFSA data to be shared with other schools.

DEFAULT-
Failure to pay your loan according to the loan agreement or promissory note. There can be serious legal consequences of defaulting. Seek help before you choose to default!

DEFERMENT-
Postponing payment during which time interest does not accrue. You have to go through a process to request deferment. You can't just decide to stop paying!

DISBURSEMENT- 
Payment of federal aid funds to the borrower (usually the student- that's you!) by the school. This usually happens twice a year.

EFC- Estimated Family Contribution
The number used to determine your federal financial aid is based on the information you provide on your FAFSA.

FAFSA- Free Application for Federal Student Aid

FEDERAL STUDENT AID- 
This is financial aid provided by the federal government. You apply for the aid by completing the FAFSA. Grants, loans, and work study are all parts of Federal Student Aid. The money is to be used for college or career school costs at eligible schools.

FINANCIAL AID OFFER or PACKAGE-
The total amount of financial aid (federal and nonfederal) a student is offered by a college or career school. The school's financial aid staff combines various forms of aid into a “package” to help meet a student’s education costs.

FSA ID- Federal Student Aid Identification

INSTITUTIONAL AID-
Financial aid provided by the institution you are attending. This can come in the form of grants and/or scholarships for which you must submit applications.

INTEREST-
A loan expense paid to the borrower based on the interest rate and the remaining unpaid amount of the loan.

LOANS-
Money you borrow that must be repayed with interest.

PELL GRANT-
A federal grant for undergraduate students with financial need.

PERKINS LOAN-
A federal student loan, made by the recipient's school, for undergraduate and graduate students who demonstrate financial need. 

SAR- Student Aid Report
You'll receive a SAR after you've completed your FAFSA application. If you provided an email address, the link to your report will come via email. Provided there were no errors on or questions about your FAFSA, this will also include your EFC.

SCHOLARSHIPS-
Money awarded to you for your educational expenses that does not have to be repaid. Don't forget to APPLY for a pile of scholarships!

WORK STUDY-

You'll complete part-time work on campus as part of your federal student aid. The money earned will be used to pay your college expenses.

Don't forget to talk to trusted people in your life about financial aid decisions! 

$$ Scholarships $$

Hey, Seniors! I know we talk A LOT about scholarships...but you won't get them by talking! 

 YOU HAVE TO PUT IN WORK!

What's your game plan? How are you tackling this MAJOR PROJECT? 

Here are some ideas for managing all of the details, planning your timeline and WINNING! 

• Set aside time every week to work on scholarships. Add it to your calendar and COMMIT to making it happen!
• Start by searching for scholarships. Use the resources here! As you find scholarships you are eligible for, make a list in a spreadsheet! Prioritize! NOTE DEADLINES and Total $$$ you can earn! 
• Once you have a list, get started on the applications. You'll be applying for many so set up a system for tracking which ones you are applying for, your log in info, what paper work you may need to send or upload (ie ACT Score Sheet, your Transcript). 
• REMEMBER THE DEADLINES! Set reminders in your phone WELL BEFORE the scholarships are due. DON'T PROCRASTINATE. 
• Ask for Letters of Recommendation ASAP!!! (See here for info on how to best do this!)
• Have people you know well read your essay(s) AND have people you don't know so well help you too! Different perspectives and feedback will only strengthen your work!
• SUBMIT! SUBMIT! SUBMIT! Remember, you can't be awarded scholarships if you don't apply! 

Find more helpful info on how to find and apply for scholarships here.

$$ Scholarships $$

Hey, Seniors! I know we talk A LOT about scholarships...but you won't get them by talking! 

 YOU HAVE TO PUT IN WORK!

What's your game plan? How are you tackling this MAJOR PROJECT? 

Here are some ideas for managing all of the details, planning your timeline and WINNING! 

• Set aside time every week to work on scholarships. Add it to your calendar and COMMIT to making it happen!
• Start by searching for scholarships. Use the resources here! As you find scholarships you are eligible for, make a list in a spreadsheet! Prioritize! NOTE DEADLINES and Total $$$ you can earn! 
• Once you have a list, get started on the applications. You'll be applying for many so set up a system for tracking which ones you are applying for, your log in info, what paper work you may need to send or upload (ie ACT Score Sheet, your Transcript). 
• REMEMBER THE DEADLINES! Set reminders in your phone WELL BEFORE the scholarships are due. DON'T PROCRASTINATE. 
• Ask for Letters of Recommendation ASAP!!! (See here for info on how to best do this!)
• Have people you know well read your essay(s) AND have people you don't know so well help you too! Different perspectives and feedback will only strengthen your work!
• SUBMIT! SUBMIT! SUBMIT! Remember, you can't be awarded scholarships if you don't apply! 

Find more helpful info on how to find and apply for scholarships here.

The Countdown is ON!

As you may know, there have been some pretty major changes to the FAFSA dates this year. You can submit your FAFSA beginning October 1st, 2016. The closer to this date you submit, the better! Some aid opportunities run out and you don't want to miss your chance! 

(By the way, FAFSA stands for Free Application for Federal Student Aid!)

Below are some links that can help you prepare for the application process.

What to expect and how to complete your FAFSA application:

https://studentaid.ed.gov/sa/fafsa/filling-out

Information about Eligibility:

https://studentaid.ed.gov/sa/eligibility

Myths about Financial Aid:

https://studentaid.ed.gov/sa/sites/default/files/financial-aid-myths.pdf

Information about Deadlines

https://fafsa.gov/deadlines.htm

Check out these videos for all kinds of tips and information! 

https://www.youtube.com/playlist?list=PL23B9A23CD8DD82DD&feature=plcp