Paying for College Vocabulary

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Federal Student Aid

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The largest form of student aid in the country, including government grants, loans, and work-study assistance.

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Loans

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Need to be repaid. Come in two varieties: Federal and private. Federal loans don't require payment while in college and offer flexible terms.

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Scholarships

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Aid awarded for academic merit or accomplishments. Do not need to be repaid and generally require application.

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Grants

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Free money from state, federal government, college, or private sources that doesn't need to be repaid.

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Financial Need

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The amount of a student's total cost of attendance not covered by expected family contribution or outside grants and scholarships.

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FAFSA

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Free Application for Federal Student Aid; determines the contribution amount for postsecondary education.

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Student Aid Report (SAR)

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Report received after submitting FAFSA, containing EFC and eligibility for Pell Grants.

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Cost of Attendance

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Total college expenses including tuition, room and board, fees, books, supplies, transportation, and health insurance.

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Expected Family Contribution (EFC)

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Measure of family's financial strength and expected contribution to college costs, appearing on SAR.

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Net Price

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Out-of-pocket expenses calculated as college 'sticker price' minus financial aid received.