Academic Year

The period during which school is in session, consisting of at least 30 weeks of instructional time. The school year typically runs from the middle of August through the middle of May at most collages and universities.

Appeal

A formal request to have a financial aid administrator review your aid eligibility and possibly use Professional Judgment to adjust the figures.

Asset

An item of value, such as a business, farm equity, real estate, stocks, bonds, mutual funds, cash, certificates of deposit (CD's), bank accounts, trust funds, and other property and investments.

Asset Protection Allowance

A portion of your parent's assets that are not included in the calculation of the parent contribution, as calculated by the Federal Methodology Need Analysis Formula. The asset protection allowance increases with the age of parents.

Associate Degree

The degree granted by two-year colleges.

Award Letter

An official document issued by a school's financial aid office that lists all of the financial aid awarded to the student.

Award Year

The year for which financial aid is requested (or received). (July 1-June 30)

Bachelor's Degree

The undergraduate degree granted by four-year colleges and universities.

Campus-Based Aid

Financial aid programs are administered by the college. The Federal government provides the college with a fixed annual allocation, which is awarded by the financial aid administer to eligible students. Note that there is no guarantee that every eligible student will receive financial aid through these programs, because the awards are made from a fixed pool of money.

Cost of Attendance (COA)

(Also know as the cost of education or "budget") The total amount it should cost the student to go to school, including tuition and fees, room and board, allowances for books and supplies, transportation, childcare, and personal expenses. Schools establish different standard budget amounts for students living on-campus and off-campus, married and unmarried students.

Expected Family Contribution

The amount of money that the family is expected to be able to contribute to the student's education, as determined by the Federal Methodology Need Analysis Formula approved by the Congress.

Federal Work-Study

A federal program providing undergraduate students with part-time employment during the school year. Eligibility is based upon need. Money earned from a FWS job is not counted as income for the subsequent year's need analysis process.

Financial Aid

Money provided to the student and the family to help them pay for the student's education. Major forms of financial aid include gift aid (grants and scholarships) and self-help aid (loans and work).

Financial Aid Package

The complete collection of grants, scholarships, loans, and work-study employment from all sources (federal, state, institutional, and private) offered to a student to able them to attend college.

Independent

An independent student is at least 24 years old as of January 1 of the academic year, is married, is a graduate or professional student, has a legal dependent other than a spouse, is a veteran of the US Armed Forces, or is an orphan or ward of the court (or was a ward of the court until age 18). A parent refusing to provide support for their child's education is not sufficient for the child to be declared independent.

Need

The difference between the COA and the EFC is the student's financial need---the gap between the cost of attending the school and the student's resources. The financial aid package is based on the amount of financial need. The process of determining need is known as the need analysis.

Cost of Attendance (COA) -Expected Family Contribution (EFC) = Financial Need

Professional Judgment

For need-based federal aid programs, the financial aid administrator can adjust the EFC, adjust the COA, or change the dependency status (with documentation) when extenuating circumstances exist.

Satisfactory Academic Progress (SAP)

A student must make this in order to continue receiving federal aid.

Student Aid Report (SAR)

Report that summarizes the information included on the FAFSA and must be provided to your school's FAO.

Student Contribution

The amount of money federal government expects the student to contribute to his or her education and is included as part of the EFC.

Supplemental Education Opportunity Grant

Federal grant program for undergraduate students with exceptional need. SEOG grants are awarded by the school's financial aid office. To qualify, a student must also be a recipient of a Pell Grant.

Unmet Need

In an ideal world, the FAO would be able to provide each student with the full difference between their ability to pay and the cost of education. Due to budget constraints, the FAO may provide the student with less than the student's need. This gap is known as unmet need.

Verification

Verification is a review process in which the FAO determines the accuracy of the information provided on the student's financial aid application. During the verification process, the student and parent will be required to submit documentation for the amounts listed (or not listed) on the financial aid application. Such documentation may include signed copies of the most recent Federal and State tax returns for you, your spouse (if any) and your parents, proof of citizenship, proof of registration with Selective Service, and copies of Social Security benefit statements and w2 and 1099 forms, among other things.