Terms to know:

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Scholarship – financial aid awarded that does not have to be paid back.  Can be for merit/academic achievement or athletic.  (NCAA D3 does not have athletic scholoarships, but they can have very good academic scholoraships)

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Grant – A gift that does not have to be paid back

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Loan – Money that must be repaid (repayment terms vary)

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Work Study – an on-campus job where students can earn a portion of school tuition costs.

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Need - usually refers to the difference between the financial resources available to the student (from parent’s, student savings and summer jobs, etc.) and the cost of attending the student’s selected postsecondary institution.   The process of determining “need” is often referred to as a “need analysis.”

 

Waiver – An agreement that allows attendance at a school without having to pay tuition or other costs if certain eligibility requirements are met.

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Free Application for Federal Student Aid (FAFSA) – a free form distributed by the U.S. Department of Education to collect info & determine a student’s need for federal aid. 

FAFSA process has several acronyms to know...

• EFC - Expected Family Contribution...this is the amount you’re expected to pay to cover your college costs, including tuition, books, supplies, accommodation, transport, and other study expenses. In simple terms, your EFC is how much the federal government believes that your family can afford to contribute toward college costs

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• COA - Cost of Attendance... this is an estimate of what it would cost to attend a particular college.  It includes direct costs like tuition, required fees, room & board, books, supplies, and equipment.  There are also indirect costs to be considered, like transportation and miscellaneous personal expenses (laundry, clothing, hygiene, etc).

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• FSA ID - Federal Student Aid ID....  the FSA ID is an electronic signature used to sign the Free Application for Federal Student Aid (FAFSA) and federal education loan promissory notes. 

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• IRS DRT - IRS Data Retrieval Tool... The IRS Data Retrieval Tool (IRS DRT) allows applicants to transfer income and tax information from their federal income tax returns into the Free Application for Federal Student Aid (FAFSA), simplifying the FAFSA.

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• SAR - Student Aid Report... your SAR is a document that summarizes all the information you provided when filling out the FAFSA. Generally, you will receive your Student Aid Report 3–5 days after filing your FAFSA electronically. If you filed your FAFSA by mail, it can take up to 3 weeks to receive your SAR.