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Financial Aid Vocab
Financial Aid Vocab - SSLAHS
Term | Definition |
---|---|
room and board | cost of housing and food at college |
tuition and fees | The cost of instruction at college |
in-state tuition | tuition paid by students from the state the college is in (usually cheaper) |
out-of-state tuition | tuition paid by students from different state (usually more expensive) |
cost of attendance | Total amount it will cost you to go to school |
expected family contribution (EFC) | Amount the student/family is expected to pay towards cost of college. |
net price calculator | Online tool that gives a personalized estimate of cost to attend a specific college. |
application fees | Fee that must be paid to apply to each college. |
fee waiver | Cancellation of application fee for students that cannot pay it. |
FAFSA | Free Application for Federal Student Aid; determines how much financial aid a student may receive. |
FSA ID | Online "signature" that must be created for the FAFSA process |
CSS Profile | a more detailed look a family's financial situation than the FAFSA. Required by some schools. |
demonstrated need | the difference between your expected family contribution and the total cost of attendance for a particular college |
award letter | Offer from a college that states the type and amount of financial aid the school is willing to provide |
subsidized loan | A need-based loan from the federal government; interest does NOT accrue while you are a student. |
unsubsidized loan | A non-need-based loan from the federal government, accrues interest even during time as a student. |
need-based | Based on a student's financial need. |
merit-based | Based on a student's skill or ability. |
grant | Financial aid given by a government agency or organization that does not have to be repaid and is usually NEED-based |
scholarship | Financial aid awarded by college or other organization that does not have to be repaid and is usually MERIT-based. |
need-blind | Policy by which a college does not consider financial needs of the applicant in admissions process. |
work-study | A program that allows students to work part-time to pay their college expenses. |