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Financial Aid
This is money given or loaned to help pay for college. Financial aid can come from federal and
state governments, colleges and private and social organizations.
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Free Application for Federal Student Aid (FAFSA)
The FAFSA is a free application form a student submits to apply for federal financial aid. It
is required for all students seeking federal student grants, work-study programs and loans. Most
colleges require it as well. The FAFSA may also qualify you for state-sponsored financial aid.
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Federal School Code (also, Title IV Institution Code)
Each college, campus or program has a six-character institution code. 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. Clemson’s code is 003425.
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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.
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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.
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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.
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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.
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Estimated Financial Assistance (EFA)
This is the estimated amount of a students’ financial resources for college from all sources.
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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.
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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.
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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.