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.

What types of Financial Aid are there?

Hey Seniors! We've talked a lot about the FAFSA and the federal Pell Grant, loans and work-study programs available with FAFSA completion. But there are OTHER options too! We've talked about Institutional Aid- money that is awarded to you by your school of choice. This can be need based, merit based and/or based on your chosen major/course of study. Get in touch with your College or University's Financial Aid Office and see what they offer! You may be able to search for Scholarships via their webpage too.

When should you be applying for Scholarships?

NOW! Even if you are a Junior or underclassmen...

There are scholarships for just Freshman. Now is the time especially if you are a Senior. Consider it your homework. Seniors, you should be spending a few hours a week researching scholarships, deciding which ones to apply for and then ACTUALLY APPLYING! As you near adulthood, this is a great test of your preparedness. No one can do it for you! Go get that $$$! 

Remember to look carefully at your scholarship options and avoid SCAMS!

Here are links to some of the Federal Grants:

• Federal Pell Grants  
• Federal Supplemental Educational Opportunity Grants (FSEOG)  
• Teacher Education Assistance for College and Higher Education (TEACH) Grants  
• Iraq and Afghanistan Service Grants  

Here's a great resource for SEARCHING for Scholarships! 

https://www.careeronestop.org/toolkit/training/find-scholarships.aspx

Here are some ideas about other places to look for/ask about scholarships:

• your library’s reference section
• foundations, religious or community organizations, local businesses, or civic groups
• organizations (including professional associations) related to your field(s) of interest
• ethnicity-based organizations
• your employer or your parents’ employers

Got Essay Anxiety?!

You guys! If you haven't started (and maybe even finished) your college application essays...

IT IS TIME! 

I know it can be hard to write about yourself and share your thoughts, feelings and experiences with total strangers. But it can be the MOST POWERFUL part of your application. Sure, grades and test scores matter but most colleges want to get to know YOU as a person with a story...not just the numbers and letters on your transcript! Your essay really is an opportunity for the people in admissions to learn more about WHY they should admit YOU to their college. 

TAKE A CHANCE! 

Be yourself! Make sure your essay 'sounds' like you. Just like you want people to be REAL with you, being REAL in your essay makes a difference! 

Start NOW! Select one of your essay topics. Set your timer for 30 minutes and just brainstorm. Write/type EVERYTHING that comes to mind...even if it's hot cheetos! I mean, try to stay focused on the topic and write any and everything that comes to mind. You may come across an idea or direction you weren't expecting BUT that will make an awesome essay! And remember, no one has to EVER see your brainstorming document. 

Check out the links below for some great tips on writing your BEST college essay! There are some video clips too. 

https://bigfuture.collegeboard.org/get-in/essays/8-tips-for-crafting-your-best-college-essay

https://bigfuture.collegeboard.org/get-in/essays/tips-for-writing-an-effective-application-essay-college-admissions

FAFSA Preparation!

Hey Seniors! Your FAFSA Nights are FAST approaching...

Are you ready?! 

Below you'll find some helpful information (click the links!) about how to prepare, what to expect and what happens AFTER you've completed your application. Make sure you've signed up for an appointment in YOUR Future Center! 

Gathering the Documents Needed to Apply
Getting Help
Starting Your FAFSA^® and Providing Your Basic Personal Information
Listing Colleges and/or Career Schools
Determining Your Dependency Status
Reporting Parents’ Information
         Automatically Filling in Your Tax Information Using the IRS Data Retrieval Tool
         Determining When Tax Information Will Be Available Via the IRS DRT
Providing Financial Information
Signing and Submitting the FAFSA^®
Taking the Next Steps

 FAFSA is a FREE Application 

The FAFSA is FREE, so if a website asks you to pay to fill it out, you’re not dealing with the official FAFSA site. Remember, the FAFSA comes from the government, so it’s on a .gov site: fafsa.gov.

Check out this video: "After the FAFSA, what happens next?"

https://youtu.be/1c1gNefSw78?list=PL23B9A23CD8DD82DD

Here's some great information about accepting aid and what kind to accept first! Be sure to talk with a trusted adult (or two) about your awards. Remember when we talked about LOANS? You'll want to be extra thoughtful when considering these! 

https://studentaid.ed.gov/sa/fafsa/next-steps/accept-aid

SEE YOU AT YOUR FAFSA NIGHT! 

College Fair: How to Make the Most of It!

COLLEGE FAIRS: Coming to a high school near you! 

Prepare in advance for College Fairs happening at your high school and in your community. Here are a few tips! 

Before the Fair

Ask yourself the following questions:

1. Do I want to attend a small school? Or a large, medium, or extra large school?
2. What majors am I interested in studying? (It's ok to have a few ideas!)
3. Do I want to attend a city school? Suburban? A school in the country?
4. Do I want a 2 year degree? 4 year?
5. Do I want to attend a single sex school? One that has religious affiliations?
6. What special programs do I want at my college? (Sports, Arts, Clubs, Greek Life, Study Abroad, Cooperative Education, Latinx Programs) 

Take some time to research the schools that will be at the Fair. Make a list of schools whose Representative you DEFINITELY want to meet. 

Make a list of questions to ask the Representatives at the Fair. This is a great chance to impress them with the research you've done about their school AND share something about yourself. 

Bring a resume! Make sure it has up to date contact information including a professional email address. 

At the Fair

Start by visiting with the schools you DEFINITELY want to meet. You can visit others if you have time! 

Ask your questions! 

Provide your contact information to schools you are interested in having follow up with you. 

Take notes! Keep track of contact information of Representatives you met. 

After the Fair 

Review the information you gathered. Add/Subtract schools from your Apply List! 

Send a Thank You note/email to Representative at schools you are interested in attending.