Financial 援助 Glossary

Let’s Take the Mystery Out of 应用ing for Financial 援助

我们知道. 应用ing for financial aid can be confusing. But it doesn’t have to be that way.

We’ve put together a glossary of some of the most common terms you’re likely to come across during the financial aid research 和 application process. We hope this helps, but remember: we’re always here to help.

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Common Financial 援助 Terms

Cost of Attendance: 包括学费, 费用, 和 a st和ard allocation designed to cover reasonable living expenses while attending school. The cost of attendance is determined by the school using guidelines established by federal regulations.
默认值: The failure to repay a student loan according to the terms of the loan. If you default, 你的学校, the organization that holds your loan, 国家, 和 the federal 政府ernment can take action to recover the money, including notifying national credit bureaus of your default.
Estimated 家庭 Contribution (EFC): 总 amount you 和 your family are expected to pay toward college costs. This is determined from family 和 student income 和 assets for the prior year. The amount is derived from a need analysis of your family’s financial circumstances.
FAFSA: The Free Application for Federal Student 援助 determines your financial aid. 应用 online at fafsa.政府. Forms may be filed anytime after October 1.
Federal Direct Student Loan Program: Federally sponsored loan programs, which include the 工作人员ord Loan 和 the Parent PLUS Loan (for parents of undergraduate students).
Financial 援助 Package: 总 financial aid 你收到. Federal 和 non-federal aid, such as 奖助金, 贷款, 勤工助学, 和奖学金 are combined in a “package” to help meet your need.
Financial Need: The amount by which your family’s contribution falls short of covering your college expenses. It is determined by subtracting the expected family contribution (EFC) from the total cost of attendance.
礼物的援助: Financial aid that does not have to be paid back, such as 奖学金和奖助金.
格兰特: A type of financial aid award based on need or merit that does not require repayment.
兴趣: A fee charged when you take out a loan. Interest is calculated as a percentage of the principal loan amount. The rate may be constant throughout the life of the loan (fixed rate) or it may change at specified times (variable rate).
Merit-Based 援助: Financial aid that is awarded based on your academic, leadership, or artistic talent, or some other criteria. Merit-based aid may consider your grades, 考试成绩, special talents, or extracurricular activities to determine eligibility.
Need Analysis: A process of reviewing your financial aid application to determine the amount of your financial aid eligibility. Completing a need analysis form is the required first step in applying for most types of financial aid.
Need-Based Financial 援助: Financial aid that is awarded based on your financial circumstance. Need-based aid can be awarded in the form of 奖助金, 贷款 or 勤工助学.
Offer Letter: A letter from the college financial aid office listing all financial aid they are offering you. Offer letters vary among institutions, but they generally list the expected family contribution, cost of attendance, 和 the terms of the aid awarded.
Student 援助 Report (SAR): A form you’ll receive after submitting the FAFSA. The SAR shows the information that was processed 和 indicates Pell Grant eligibility.
勤工助学: An opportunity for you to work part-time 和 attend college. 勤工助学 is designed to help fund your college education 和 graduate with reduced debt.