Financial Aid Dictionary

FAFSA: the Free Application for Federal Student Aid (FAFSA) is a form that students and their families need to fill out to apply for federal financial aid for college or graduate school.

EFC: Expected Family Contribution (EFC) is a measure of how much a student and their family are expected to contribute towards the cost of education. It is calculated based on the financial information provided in the FAFSA.

Pell Grant: The Pell Grant is a need-based federal grant awarded to undergraduate students with exceptional financial need. The grant amount depends on the EFC and the cost of attendance.

Subsidized Loan: A subsidized loan is a type of federal student loan where the government pays the interest while the student is in school at least half-time and during certain periods of deferment.

Unsubsidized Loan: An unsubsidized loan is a federal student loan where the student is responsible for paying all the interest, including while in school and during deferment periods.

Work-Study: Federal Work-Study (FWS) is a program that provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay for educational expenses.

CSS Profile: The CSS Profile is an additional financial aid application required by some colleges and universities to determine eligibility for non-federal financial aid, such as institutional grants and scholarships.

Cost of Attendance (COA): The Cost of Attendance (COA) is the estimated total cost of attending a college or university for one academic year, including tuition, fees, room and board, books, and personal expenses.

Merit-Based Aid: Merit-based aid is financial assistance awarded to students based on their achievements, talents, or academic performance, rather than their financial need.

Need-Based Aid: Need-based aid is financial assistance awarded to students based on their demonstrated financial need as determined by the FAFSA or other financial aid applications.

Dictionary & Terms