FAFSA:
This is the
Free Application for Federal Student Aid, a federal form required as the application from all students who wish
to apply for need-based financial aid, including grants, loans and work-study
awards.
Favorites Manager: This My
College Options feature allows you to add, rank and sort through your favorite
colleges and universities found during your college search.
Federal Pell Grant: This
grant is a form of financial aid provided by the Federal government to students
whose FAFSA indicates a high level of financial need. A college grant
does not need to be paid back.
Federal Perkins Loans: These
loans are similar to Stafford loans in that no interest accrues while you are
in college. The interest rate is lower, and the repayment grace period is
longer than that of a Stafford subsidized loan. The need-based standards are
more stringent for the Perkins loan and funds are awarded based on the FAFSA
Student Aid Report.
Federal Supplemental Education Opportunity Grant Program: This program is designed to provide additional
need-based aid to Pell Grant recipients who have greater financial need/lower
Expected Family Contribution (EFC).
Federal Work-Study (FWS): This
program provides financial aid funds for students through being employed in
part-time positions authorized by the schools and the government.
Financial Need: Financial
need is determined by your family income, assets and the cost of attending your
college selection. After determining financial need, your Student Aid Report will
indicate the Expected Family Contribution (EFC).
Financial Aid: Financial Aid describes
funds awarded to the student to help pay for his or her college education. Funds
may come from the federal or state government, the college at which the student
enrolls, or private sources.
Financial Aid Award Package:
An announcement package, presented to a student and his or her family once the
financial aid process is complete, outlining the types of aid for which the
student is eligible.
First-Generation Student: A
student whose parents have no college experience.
First-Year Student: 1. A
college freshman. 2. A student who has not previously enrolled in a degree
program at the institution and is not enrolled as a transfer student.
Fraternity: A selective membership organization
of male students at a college or university, a fraternity is associated for a
common and, in today’s society, largely social purpose or interest. Fraternities
are generally identified by letters from the Greek alphabet.
Gap-Year Programs: Year-long
programs designed for high school graduates who wish to defer enrollment in college
while engaging in meaningful activities, such as academic programs, structured
travel, community service, etc.
Graduate Schools: Usually
within universities, these schools offer degree programs beyond the bachelor's
degree.
Grant: This financial
assistance is awarded because of financial need. A grant may be provided by
federal or state governments, an institution, a foundation, or some other
nonprofit funding source and does not have to be repaid.
Grant-in-Aid: Funds provided to an
individual or institution to cover the cost of a project, program or participation
in a project or program.