 note: A contract between the borrower and the
lender that reflects the terms and conditions under which
the borrower promises to repay the loan.
Financial Aid Terms
- Financial Need: The difference between the annual cost of attendance
and the EFC (Expected Family Contribution: amount your family is
expected to pay based upon the calculation done by the U.S. Department
of Education in response to your FAFSA).
- Financial Aid Package: The total financial aid you are
offered, including scholarships, grants, work-study and loans.
This information is typically summarized in your E-Award offer.
You may choose which aid you would like to accept.
- FAFSA: Free Application for Federal Student Aid. The annual application
used by the Department of Education to calculate the amount of federal and state aid for which you are eligible.
- Verification: Review process in which the financial aid office
requests documentation to verify the accuracy of FAFSA
data (on average, about 1/3 of all applications are selected).
- Professional Judgment: Financial aid administrators may
adjust your aid package and contribution when
extenuating circumstances exist (e.g., loss of a parent).
- Dependency Status: If you are considered a dependent
student, colleges will consider parent income, assets and
circumstances when awarding financial aid.