Financial Aid Terminology

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Financial Aid

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Money that is given or lent to students in order to help pay for their education

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Work Study

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Scholars can apply to work at the university they attend and receive a paycheck to use on whatever they need (e.g., tuition, personal expenses, travel)

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Cost of Attendance

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An estimate of how much it costs to attend a college, including tuition, fees, room and board, books, supplies, and other expenses

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Grants

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Money provided by the federal government, state, or university to help pay for Cost of Attendance

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Student Aid Index

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Number used to determine how much the family is eligible for in aid, determined by the FAFSA or State Financial Aid Application

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Net Price

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The total cost of attendance minus the amount of gift aid (scholarships and grants) that you receive

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Scholarships

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Money awarded to the scholar by different organizations or the university itself. Scholars must apply to receive this money.

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Loans

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Borrowed money from the federal government or the university itself, with two types of Federal Loans: Subsidized (no interest while in school) and Unsubsidized (interest accrues immediately)

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Gap

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The difference between the net price and additional financial aid available, such as student loans and work-study, representing a potential out-of-pocket cost