The financial aid process can come with a lot of unfamiliar terms and language. Below are a few common terms that may come up in the process.
Financial Aid
Money that helps pay for college or trade school.
It can include grants, scholarships, work-study, and loans.
FAFSA
Free Application for Federal Student Aid
Students complete this free form to apply for federal aid and often state and school aid too.
Grant
Money that typically does not have to be paid back, unless you withdraw and owe a refund.
Scholarship
Gift money students apply for to help pay for post-secondary tuition, fees, and other expenses.
Work-Study
A program that helps a student earn money to pay for school by working part-time and getting a paycheck.
COA
Cost of Attendance
An estimate of the amount of money a school costs for one year of attendance. This can include tuition & fees, room & board, books, supplies, etc.
Independent Student
A student who does not depend on parents for financial support and would not or could not provide their financial information, only their own.
The student meets specific legal requirements to qualify for more federal financial aid.
Loan
Money can be used to help pay for school and needs to be repaid by the borrower, with interest.
The Gap
The difference between the cost of attendance and the financial aid received.
How much money still needs to be paid after the financial aid?
First-Generation Student
A student who would be the first in their immediate family to graduate from a four-year college or university.
Typically this would mean that neither parent has received a bachelor’s degree or completed a four-year bachelor’s degree later in life.