Award Letter – Letter sent by the Financial Aid Office listing the types and amounts of financial aid a student is eligible to receive if they accept admission and register to take classes.
Deferment – A period of time during which no loan payments are required. Interest still accumulates on the Unsubsidized Stafford loan.
Dependent – A student who does not meet any of the criteria for an independent student based on the FAFSA. Must include parental information on their FAFSA.
Disbursement – When financial aid awards are credited to a student's account.
Discounts – Money that does not have to be repaid. An amount off of tuition based on specific criteria.
EFC – Expected Family Contribution (EFC) is the number used to determine a student's eligibility for federal student financial aid. This number results from the financial information provided on the FAFSA application. The EFC is reported to the student on the Student Aid Report (SAR).
FAFSA – Free Application for Federal Student Aid. Need analysis application used to determine eligibility for federal and state financial aid.
Grants – Money that does not have to be repaid.
Independent – A student that meets one or more of the following qualifications based on the FAFSA:
At least 24 years old
Working on a Master's or Doctorate Program
Has legal dependents other than a spouse
An orphan or ward of the court
Veteran of the U.S. Armed Forces
A member of the armed Forces
Lender – A financial institution from which a student loan is borrowed.
Loans – Allow a student to borrow money for school. Students must repay the loan with interest.
Scholarships – Money that does not have to be repaid and given on the basis of achievement or specific criteria.
Subsidized Stafford Loan - Need-based loan for which a borrower is not responsible for the interest while attending college on at least a half-time basis.
Undergraduate – A student working towards a bachelor's degree.
Unsubsidized Stafford Loan - A loan for which the borrower is fully responsible for paying the interest regardless of the loan status. Students pay the interest while in school or have the option to let the interest accumulate.
Verification – Financial Aid applications are randomly selected by the Federal processor for verification. Verification is a process where the school confirms the data reported on the FAFSA. During verification the student and parent are required to submit documentation requested by the Financial Aid Office.
Work-study – An on-campus or community service job where a student is paid for the hours worked, but is considered need based Financial Aid and may be deducted on the following year's FAFSA.