Key Terms

  • Key Financial Aid Terms: 

    • Aid package - A combination of scholarship, grant, loan and/or work-study determined by a college financial aid office.
    • Grants - Awards based on financial need that do not require repayment. Grants are available through the federal government, state agencies and educational institutions.
    • Scholarships - Awards to students based on merit or merit plus need that do not have to be repaid.
    • Expected Family Contribution (EFC) - An amount you and your family are expected to contribute toward your education. It is used in determining eligibility for federal student aid.
    • Free Application for Federal Student Aid (FAFSA) - The application required for students to be considered for federal student financial aid. The FAFSA is processed free of charge and is used by most state agencies and colleges.
    • Student Aid Report (SAR) - The report you will receive after your FAFSA has been processed that will list your EFC.