- FAFSA
- The Free Application for Federal Student Aid is the application used to
determine a student’s eligibility for federally subsidized loans, grants,
and work-study funds. Although the CPS still accepts paper FAFSAs,
processing is quicker when FAFSA is filed on the Web at
www.fafsa.ed.gov.
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- Federal Family Education Loan Program (FFELP
- The collective name for the Federal Stafford and PLUS loan programs.
FFELP loans are funded by private lenders.
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- Federal Direct Student Loan Program (FDSLP)
- The program name for loans that are both guaranteed and funded by the
federal government. If your school is a "Direct Lending School", your
Stafford Loan is administered by the Federal Direct Student Loan Program (FDSLP).
Funds for "direct loans" are provided by the US government directly to
students and their parents through their schools. Applications can be
obtained from your school. Banks and guarantee agencies are not involved in
the process.
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- Federal Methodology Expected Family Contribution (FM EFC)
- The specific EFC calculated by the federal government based on
information submitted on the FAFSA. The FM EFC calculation is set each year
by the U.S. Department of Education and determines eligibility for federal
aid programs.
- Federal Pell Grant Program
- This is a federally sponsored and administered program that provides grants based on need to undergraduate students. Congress annually sets the appropriation; amounts range from $400 to $3,000 annually. This is “free” money because it does not need to be repaid.
- Federal Perkins Loan Program
- This is a federally run program based on need and administered by a college’s financial aid office. This program offers low-interest loans for undergraduate study. Repayment does not begin until a student graduates. The maximum loan amount is $3,000 per year.
Federal PLUS Loan- A federally guaranteed loan program that
allows parents to borrow funds to help pay educational expenses. The program
does require the borrower to pass a simple credit check. The loan's interest
rate is variable, but new loans have a maximum interest rate of 9%.
- Federal Stafford Loan
- Another federal program based on need that allows a student to borrow money for educational expenses directly from banks and other lending institutions (sometimes from the colleges themselves). These loans may be either subsidized or unsubsidized. Repayment begins six months after a student’s course load drops to less than halftime. Currently the interest rate is 0 percent while in school and then is variable up to 8.25 percent. The loan must be repaid within ten years.
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- Federal Supplemental Education Opportunity Grant (SEOG)
- A need based financial aid program funded by the federal government.
Colleges receive an annual allocation of SEOG and, within certain
guidelines, develop an awarding policy for this fund.
- Federal Work-Study Program (FSW)
- A federally financed program that arranges for students to combine employment and college study; the employment may be an integral part of the academic program (as in cooperative education or internships) or simply a means of paying for college.
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- Fees
- Special charges made by a college for activities or services such as
health service and student government. Fees also may be for facilities such
as computers or athletic lockers, or for a breakage or damage deposit in
laboratory courses. Fees are usually separate from tuition.
- Financial Aid
- Financial aid is the money available from various sources to help students pay for the cost of college.
- Financial Aid Package
- A financial aid package is the grand total of financial aid a student receives. Both federal and nonfederal aid are calculated to determine the package totals.
- Financial Need
- Financial need is how much the student requires to attend college. With regards to student financial aid, financial need is calculated as the cost of education (college attendance plus basic living expenses) less the expected family contribution (see above)
- Free Application for Federal Student Aid (FAFSA)
- This is the federal government’s instrument for calculating need-based aid. It is available from high school guidance departments, college financial aid offices, and the Internet (www.fafsa.ed.gov ). The form should be completed and mailed as soon after January 2 as possible.
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- Freshman
- Usually a student who enters a college or university directly from high
school. Also, a student who is taking the required first-year courses at a
college or university.
- Full Course Load
- A full-time student normally takes 15 to 17 semester credits a term.
This equates to at least 5 courses. However, most colleges officially
designate 12 or more credits during a semester term as full-time. The number
of instructional periods corresponds to the number of credits awarded. If a
course is 3 semester credits, it generally meets 3 times a week for an hour
(or 50 minutes) each time.
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