Financial Aid Glossary
By Kay Peterson, Ph. D.
January 04, 2013
Enrollment Status: Indication of whether student attends full or part time. Typically students must be enrolled at least half time (and in some cases full time) to qualify for financial aid.
Expected Family Contribution (EFC): The dollar amount that a family is expected to pay toward a student’s educational costs. EFC is based on family earnings, assets, students in college and family size.
FAFSA: Look under Free Application for Federal Student Aid.
Federal Direct Student Loan Program (FDSLP): Loans provided by the U.S. government directly to students and their parents through their schools.
Federal Methodology: The need analysis formula used to determine a family’s expected family contribution. The Federal Methodology considers family size, the number of family members in college, taxable and nontaxable income and assets.
Federal Processor: The Federal Processor is the organization that processes the information submitted on the Free Application for Federal Student Aid (FAFSA) and uses it to compute eligibility for federal student aid.
Federal Stafford Loan: Federally-guaranteed, low-interest rate for students. There are two types of Federal Stafford loans: subsidized (need-based) and unsubsidized (non-need-based). Both types allow deferment of payments until a student leaves school.
Federal Supplemental Educational Opportunity Grant (FSEOG): These are federal grants for students with exceptional financial need (as determined by the college). Approximately five percent of undergraduates are recipients of FSEOG.
Federal Work-Study: Federally sponsored Work-Study (FWS) Program provides undergraduate and graduate students with school-year part-time employment. The Federal Government pays some of the student’s salary, which helps departments and businesses pay for and ultimately hire students. Eligibility is based on financial need.
Fellowship: Financial aid for graduate students that does not need to be repaid. (Typically includes tuition and living expenses.)
Financial Aid Administrator: University employee responsible for preparing and communicating information about student loans, grants, scholarships and employment programs, and for advising, awarding, reporting, counseling and supervising student financial aid office functions.
Financial Aid Package: The total amount of financial aid a student receives, including grants, loans, and federal work-study. Unsubsidized Stafford loans and PLUS loans are not considered part of the package.
Financial Aid Transcript: A record of all financial aid awards a student received at other educational institutions.
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