|
Alternative
Education Loans |
Loans that are designed specifically for
students enrolled in college. Terms
differ between lending institutions, but
most offer deferred principal payments while
student is enrolled in a college. |
|
Cost of
Attendance (COA) |
The approximate total amount it may cost a
student to attend a college. This can
include tuition, room, boards, fees, travel,
books, personal and other miscellaneous
charges. The COA is determined by the
college and every college is different. |
|
Dependent Student |
If you do not meet the terms of the
Independent Student, you are considered a
dependent by federal guidelines. |
|
Expected Family Contribution (EFC) |
EFC is the amount a family is expected to
contribute to the student's education.
The amount is determined by the federal
methodology as determined by Congress. |
|
Federal Need |
Federal need is determined by taking the COA
and subtracting a student's EFC. The
federal need helps determine the student's
financial aid package. |
|
Federal Work-Study |
Federal program that provides eligible
students with part time employment.
Students are paid directly. Students
have the ability to complete a payroll
deduction form to have a portion or all of
their work-study paycheck applied to their
student account. |
|
Full Time Student |
As an undergraduate, a student must be
enrolled in at least 12 credits per semester
to be considered full time. |
|
Independent
Student |
In order for a student to be considered an
independent student, he/she must be able to
answer "Yes" to at least one of the
following:
- Will you be 24 years of age as of January 1 of the academic year?
- Are you enrolled in a graduate program? (You must have already received a bachelor's degree)
- Do you have children you support?
- Are you a Veteran of the US Armed Forces?
- Are you an orphan or ward of the court?
|
|
Outside
Scholarship |
A scholarship that comes from a source other
than the federal or state government or
institution. |
|
Satisfactory
Academic Progress (SAP) |
In order to continue receiving financial aid
from one year to the next, a student must
maintain SAP. For further definition
and examples, click here. |
|
Undergraduate
Student |
A student who is enrolled in an Associate's
or Bachelor's degree program. |
