40 / 72
A code related to each of your college applications must be included when
filling out a FAFSA. These codes are available by contacting the school or
checking an online listing.
•
Priority Date
This is the date by which your application, whether it’s for college
admission, student housing or financial aid, must be received to be given
the strongest consideration. Since financial aid is often limited, meeting
the priority date is important to be eligible to receive funds.
•
Need-Based Financial Aid
This form of financial aid (grants, scholarships, loans and work-study
opportunities) is given to students in financial need, who are not able to
pay the full cost of attending a certain college. This is the most common
type of financial aid.
•
Expected Family Contribution (EFC)
EFC is a measure of the student and their family’s financial strength.
States and colleges use this number to help determine the financial
aid award. The EFC is calculated using the financial information and
circumstances supplied in the FAFSA.
•
Student Aid Report (SAR)
A SAR report is sent to the student’s family after submitting the Free
Application for Federal Student Aid (FAFSA). The SAR will contain
information about the family’s EFC.
•
Estimated Financial Aid (EFA)
This is the amount of financial aid a student will likely be eligible for.
The figure is calculated based on all required financial aid forms.
•
Adjusted Gross Income (AGI)
Most financial aid forms require parents or students to state their taxable
AGI based on income minus maximum allowable adjustments.
•
Scholarships
These funds are given to, or earned by, students, and are to be used for
tuition. There are numerous public and private sources for scholarships.
Some are given based on need, some on merit or skill. Others have very
specific stipulations on who can receive the scholarship.
•
Merit Aid
This is financial aid given to students based on their personal achievements.
Most scholarships are considered merit aid, as they are generally awarded
for success in school, the arts, athletics or another area.
•
Grant
A grant is money given to students for their education. Often based on
need, grants may come from federal or state programs, or sometimes from
private charitable organizations. It does not have to be repaid.
•
Work-Study
A work-study allows students to take a part-time campus job as part of
their financial aid package. To qualify for the Federal Work-Study Program,
which is funded by the government, you must complete the FAFSA. Some
colleges have their own work-study programs.
•
Federal Stafford Loan (Federal Direct Loan)
These student financial aid loans are obtained through banks, lending
institutions or colleges. Students must be enrolled in a college degree
program at least part-time.
40