College Prep 12 Financial Aid Vocabulary

Financial aid based on academic, athletic or artistic achievement

• grants

• TAP

• Merit based

• Need based

___________________________ is funding to a student to help pay for education-related expenses.

• financial aid
• fee
• room and board
• loan entrance counseling

___________________ federal grant awarded based on financial need;  amount depends on a student's EFC and enrollment status, as well as the cost of attendance. 

• Self-help Aid
• Grant
• Supplemental Education Opportunity Grant
• Pell Grant

_______________________ is a need-based financial aid program allowing students to work a part-time campus job to help pay for college

• work-study program
• scholarship
• grant
• loan

_____________________________ sum of money borrowed from the federal government to pay for college; typically have lower interest rates and more flexibility than private loans

• Subsidized Loan
• Unsubsidized Loan
• FAFSA
• Federal Student Loan

_________________________ loan which does not accrue interest while in school or during a 6 month deferment period after graduation

• unsubsidized loan
• FAFSA
• subsidized loan
• expected family contribution

_________________________ loan which accrues interest from the time it is borrowed, including while the borrower is in school

• subsidized loan
• unsubsidized loan
• FAFSA
• Profile application

____________________ document provided to a student after successful completion of the FAFSA which summarizes basic information about a student's eligibility for federal student aid and lists the student's answers tot he questions on the FAFSA

• Student Aid Report
• Expected Family Contribution
• Master Promissory Note
• Profile Application

______________________________ form used to apply for federally funded financial aid; also used by some states and colleges to determine eligibility for for state- and college-funded aid;  includes questions concerning income, financial situation and demographic date

• Expected 
  Family Contribution (EFC)
• PROFILE Application
• Free Application for Federal Student Aid (FAFSA)
• Student Aid Report (SAR)

_______________________ measure of a family's financial ability used to determine eligibility for financial aid; calculated according to a formula which considers income, assets, family size and number of family members in college

• PROFILE Application
• Expected Family Contribution (EFC)
• Student Aid Report (SAR)
• Loan Entrance Counseling