Home>Administration>Instructional Services> School Counseling Services > College and Career Planning > FCPS Services > Financial Aid Vocabulary
Financial Aid Vocabulary
Award Letter
Notification of the terms and requirements of the financial aid package offered by a college
College Scholarship Service (CSS) Profile
A financial aid application required by some schools in addition to the FAFSA
Cooperative Education
A program which allows students to alternate college studies with salaried work experience off-campus
Cost of Attendance (COA)
The annual cost of attending college that is used to determine a student's financial need; includes tuition, books, fees, room and board, transportation and out-of-pocket expenses; also referred to as the student expense budget
Dependent Student
An unmarried student under the age of 24 who has no dependents and who is at least partially dependent on parental support
Estimated Family Contribution (EFC)
The total amount a student and his or her family are expected to pay toward college costs from their income and assets
Federal Methodology
A formula established by Congress that evaluates the expected family contribution to determine eligibility for all types of financial aid
Federal Work-Study Program
A federally sponsored campus-based program that provides employment opportunities for students with demonstrated need
Financial Aid Package
The total financial aid award offered to the student which may include grants, scholarships, loans, and work study
Financial Need
The amount by which a student's estimated family contribution falls short of covering the cost of attendance
Free Application for Federal Student Aid (FAFSA)
A form distributed by the federal government for use by students applying for federal financial aid programs; may be mailed or filed electronically using FAFSA on the Web
Gift Aid
Student financial aid, such as scholarships and grants, that does not have to be repaid and does not require a student's being employed
Grant
A financial award that does not have to be repaid
Independent Student
A student who is not dependent on parental support and meets one of several conditions established by the federal government
Institutional Methodology
A formula used to determine eligibility for college money
Loan
Money borrowed that must be paid back with interest
Pennsylvania Higher Education Assistance Authority (PHEAA)
Needs analysis for Pennsylvania state grants and federal student aid
Scholarship
Monetary award that does not have to be repaid
Self-help Aid
Student financial aid, such as loans and federal work-study jobs, that require repayment or a student's being employed
Simplified Needs Test
A formula used by families whose total adjusted gross incomes are under $50,000 and who are eligible to file a 1040EZ, 1040A, or no tax return at all
An agreement among fifteen states which enables students to receive a waiver for out of state tuition for specific majors not offered in their home state
State Council of Higher Education for Virginia (SCHEV)
Virginia's coordinating body for higher education and financial aid resources
Student Aid Report (SAR)
Summary of information submitted by students using the FAFSA; includes the expected family contribution and a listing of colleges that will receive the report
Tuition Payment Plan
Alternative method of payment designed by colleges, banks, insurance companies and financial management organizations: most offer either prepayment or installment options
Quick Links:
School Counseling and College Success
Contact:
Judy Hingle
Career Connections Specialist
571-423-4420