Financial aid can come from federal and state governments, colleges, and private and social organizations. Money given or loaned to you to help pay for college. The EFC is calculated using information you supply about your family’s financial circumstances. States and colleges use this number to help determine your financial aid award. Expected Family Contribution (EFC)Ī measure of your family’s financial strength. Some loans or aid may be available only to students with a certain enrollment status, usually half-time or more. Enrollment StatusĪ classification based on the number of credit-hours you're taking for example, your enrollment status may be full-time or half-time. The difference between your expected family contribution (EFC) and the total cost of attendance for a particular college. CSS Profile®Ī financial aid application used by more than 300 colleges, universities and private scholarship programs to award their financial aid funds. Cost of attendance includes money spent on tuition and fees, room and board, books and supplies, and living expenses. The total amount of college expenses before financial aid. Colleges may also grant degree credit for scores on exams. When a college grants credit for a course, it means that passing that course counts toward a degree. The college official responsible for handling billing and payments for tuition, fees, housing and other related expenses. The information includes the types and amounts of financial aid offered, what you’re expected to do to keep the award and a deadline for accepting the award. The document you receive from a college that explains the terms of the financial aid that the college is offering you. Here’s a glossary to help you make sense of it all. FAFSA, net price, priority date - you may come across some unfamiliar terms as you start looking into and applying for financial aid.
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