Federal Student Aid
The largest form of student aid in the country, federal aid programs come in the form of government grants, loans, and work-study
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Private Loans
Loans financed by private banks. The interest rate is usually higher than federal loans and you need to qualify to be eligible.
Scholarships
Type of aid primarily awarded for academic merit (good grades) or for something you have accomplished They do not need to be repaid! You need to usually write an essay for scholarships.
Grants
Free money. Comes from the state or federal government, from the college itself, or from private sources.
FAFSA (Free Application for Federal Student Aid)
One of the first steps in the financial aid process, and determines the amount that you or your family will be contributing to your education
Student Aid Report (SAR)
This is the report you will receive once you have submitted your FAFSA. It will contain your EFC, and whether you may be eligible for Pell Grants.
Cost of Attendance
Total expense to go to college including tuition, room and board, fees, books and supplies, computer costs, transportation to/from home and health insurance.
Student Aid Index (SAI)
Measure of how much of your college costs your family is able to cover. Will appear on your SAR.
Net price
"Out of pocket" expenses that a student pays which is calculated as the "sticker price" of a college minus grants and scholarships
Award letter
Outlines your financial aid package from the college(s) to which you applied
Room and Board
Cost of housing and food while at college
Tuition
Cost of classes, and does NOT include room and board, textbooks, or other fees
Work Study
Provides funds to eligible students (see FAFSA) for part-time employment to help finance the costs of postsecondary education
Pell Grant
A Federal program based on financial need; provides up to $5,500 in student aid and does not need to be repaid
Direct Subsidized Loans
Low-interest Direct Loans where the government pays the interest on the loans while the student is enrolled in school. These are for students who demonstrate a high financial need.
Direct Unsubsidized Loans
Low-interest Direct Loans where the student pays the interest on the loans while the student is enrolled in school. These are for students who do not demonstrate a high financial need.
Promissory Note
A contract signed by the student agreeing to pay back all student loan obligations
Loan Servicer
The organization that collects payments on a federal student loan and responds to customer questions. [Show Less]