Financial Aid Terms Refresher

by

Jul   2011

Sat

16

Need a quick review for all those financial aid terms? Here’s a little reference to help you out.

EFC
Expected Family Contribution; the money your family is anticipated to pay for your education. To get an idea of what your EFC may be, visit www.fafsa4caster.ed.gov.

COA
Cost of Attendance; the amount of money it would take to attend the college or university, including tuition, room, board, books, etc.

Need
The cost of attending a school minus the EFC. Some schools meet 100% of need.

Need-blind
The school does not look at the family’s ability to pay when deciding on admission.

Need-aware
The school will consider a student’s ability to pay when considering admission.

Scholarships
Money awarded based on accomplishment that does not need to be repaid.

Grants
Funds that don’t have to be repaid. Eligibility is determined by information provided on your FAFSA and can be funded by federal and state governments, as well as the college you plan to attend.

Loans
Have to be repaid and must earn a favorable interest rate and payback schedule to be considered as financial aid.

Work-study
Campus employment that offers students an opportunity to work on campus and contribute to their educational expenses.

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