Find definitions to financial aid terms that are regularly used by staff and funding organizations.
The period during which school is in session, consisting of at least 30 weeks of instructional time and at least 24 credit hours.
In the Federal Methodology, the remaining income after the allowances such as taxes and a basic living allowance have been subtracted.
The total parent or student’s income before taxes, deductions and allowances have been subtracted.
A formal request to have a committee review your special circumstances that resulted in your financial aid suspension. Only one appeal will be accepted for review. The committee decision is final.
An official list issued by a school’s Financial Aid Office that can be viewed on the student’s online account. An email will be sent to each student when the award information is available online.
An item of value, such as a business, farm equity, real estate, stocks, bonds, mutual funds, cash, CDs, trust funds and bank accounts, etc.
The tax year prior to the academic award year for which financial aid is requested. The base year runs from Jan. 1 to Dec. 31 of the prior year.
Financial aid programs are administered by the College. The federal and state government provides the College with a fixed annual allocation, which is awarded by the financial aid administrator to deserving students. Such programs include Federal Supplemental Educational Opportunity Grant, Federal Work-Study and State Grants. Students must apply early for consideration.
The total average amount of the cost to attend school which includes tuition, fees, food and housing, allowances for books and supplies, transportation and personal and incidental expenses.
In case of a divorce, the parent of record is the parent who provided the most financial support to the student in the 12 months before filing.
Occurs when a borrower is allowed to postpone repaying the student loan. If you received a subsidized loan, the federal government pays the interest charges during the deferment period. Most federal loan programs allow students to defer their loans while they are in school at least half time.
Court order that releases a child from the control of a parent or guardian.
Your enrollment as a full-time, three-quarter-time, half-time or less than half-time course load.
FWS is self-help aid in the form of a part-time job.
Need is the difference between the cost of attendance and the expected family contribution (COA – SAI=Need).
Need-based financial aid is awarded on the basis of the financial need of the student. The students must file a FAFSA application. The FAFSA calculates the students and/or parents’ information to determine the student’s Student Aid Index (SAI). The College uses the SAI to decide what types of financial aid a student is eligible to receive. The FAFSA must be completed each year for consideration of financial aid.
All students have a lifetime eligibility limit of 12 full-time semesters of Pell Grant funding. This includes all grant awards the student has received in the past.
Remaining balance on a student account that is paid within 14 days of the drop/add deadline as long as the student remains eligible and attends class.
Your SAI is an index number used by financial aid professionals when creating an aid offer. Your SAI is calculated using information that you (and other contributors, if required) provide on the Free Application for Federal Student Aid (FAFSA®) form.
Unmet need is the difference between need and other aid awarded (Need – ALL Aid awarded=unmet need).
Students selected for verification by the Department of Education must submit all additional information listed in their OneACCS Self Service Banner account before financial aid eligibility can be determined.