College funding vocabulary

Write each term and defintion on a sheet of paper. Your test will be open notes, but you can only use your own notes that you have written on a sheet of paper.

• Financial Aid: Money to help pay college costs.

• Scholarship: Cash grant for academic promise.

• Grant: Cash given for need, rather than for academic record.

• Loan: Cash that must be repaid after graduation.

• Work-Study: Job provided by the college to help earn part of expenses.

• Cost of Attendance (COA): A student’s cost of attendance at a postsecondary institution includes: tuition and fees; room and board expenses while attending school; allowances for books and supplies (including a reasonable allowance for renting or purchasing a personal computer); transportation; loan fees for federal student loans (if applicable) ;dependent-care costs; costs related to a disability; and other miscellaneous expenses.

• FAFSA (Free Application For Federal Student Aid): FAFSA forms become available in December of the senior year. All students applying for any federal financial aid must file this form as soon as possible after January 1. Analysis of the data on this form will determine eligibility for Pell Grants; Supplemental Educational Opportunity Grants (SEOG); Stafford Loans (subsidized and non-subsidized); Perkins Loans; work-study; and other federal and, in some cases, state programs.

• CSS (College Scholarship Service) Profile™: Separate from the FAFSA, each college may have its own financial aid form which is used to help their financial aid offices determine a student’s eligibility for the institution’s own funds.

• Major: Properly, the field of specialization of a college undergraduate. The student normally does from one quarter to one-third of his or her total undergraduate work in this major field.

• Selective College: A selective institution will set stiff requirements in terms of promise and demonstrated academic ability rather than simply in terms of specific courses taken. The degree of selectivity may vary from the college that accepts three out of four of its applicants to one which accepts only one out of eigh