Expand All

  • Types of Financial Aid 

    Scholarships – free money awarded on ACT, GPA, or skill - Renewable &. Non-renewable

    Grants – free money awarded on need based on your EFC (Expected Family Construction)

    Loans – borrowed money that must be paid back with interest

    Work study – earned money from on-campus employment

    Financial Aid Terms

      1. COA – cost of attendance; varies by institution
      2. CPoS – college program of study; only coursework that counts towards your degree is eligible for financial aid
      3. EFC – expected family contribution; number derived from the FAFSA and used to determine need-based aid eligibility
      4. FAFSA – Free Application for Federal Student Aid
      5. FSA ID – usernames/passwords created by students AND parents to electronically sign the FAFSA
      6. SAR – student aid report; summary of FAFSA information
      7. Grant – free money based on need
      8. Loan – money borrowed that must be paid back with interest
      9. Scholarship – free money awarded on the basis of merit, skill, or unique characteristic
      10. Verification – random “audit” of FAFSA • Work study – money received from on-campus employment