Why would you need a scholarship glossary?
The world of scholarships can be a confusing one. What is the difference between a scholarship and a grant? What are all these endless acronyms people are using? And what is all this federal aid you read about? How do you know what financial need is and if it all applies to you? This is why we decide to make you a scholarship glossary. A basic overview off all the terminology you’ll need to know when you are applying for scholarships. Of course it is not possible to get all the terminology into one scholarship glossary, but we think this list will be of much use to you. If you are feel that you need more terminology, look online for an additional scholarship glossary.
Accredited: Recognized by one of the 19 institutional accrediting organizations in the U.S. Accreditation shows students, families, government officials, and the press that an institution or program provides a quality education.
AGI (Adjusted Gross Income): This figure comes from U.S. IRS tax forms and is all taxable income less IRS allowable adjustments to income.
Academic Year: At least 30 consecutive of instructional time, traditionally September through May During this time period a full-time student is expected to complete at least 24 semester hours or credits. When an institutions have trimesters or measure program length in clock hours the length may be defined differently.
Cost of Attendance: The total one year (academic) of attending a post-secondary institution (college, university, vocational & technical schools, or graduate schools) . The cost of attendance goes beyond tuition and usually also includes , fees, room, board, supplies, transportation, and personal expenses.
EFC (Expected Family Contribution): The amount a family is expected to contribute to a student’s education. EFC is calculated based on family earnings, net assets, savings, and size of family and number of family members in college.
FAFSA (Free Application for Federal Student Aid): A form that must be completed by students and parents applying for Federal Title IV student aid.
Financial Aid Award
An offer of financial assistance to a student attending college. This award may be in the form of one or more of the following types of financial aid: repayable loan, a non-repayable grant and /or scholarship, and/or student employment.
Financial Aid Package
The total financial aid award a student receives. The aid may come from federal, state, institutional, or private sources and may include loans, grants, scholarships, and/or employment.
Financial Need: The difference between the cost of attendance at a college/institution/university and the Expected Family Contribution.
For-Profit School: Educational institutions that are run by private, profit-seeking companies or organizations.
Full Time: In general as student is considered full time when he is enrolled for 12 credits or more.
Graduate Student: A student in possession of a bachelor’s degree and is studying for an advanced degree.
GPA: Grade Point Average: The average grade earned by a student, figured by dividing the grade points earned by the number of credits attempted.
Grants: Financial aid awards that do not have to be repaid. Grants are available through the government, state agencies and colleges.
Higher Education: Education after high school. It refers to all programs for high school graduates, including programs at two and four-year colleges, universities, vocational & technical schools, and graduate schools.
Loan: A type of financial aid that is available to students and parents that must be repaid. There are loans that charge interest and one that do not.
Parental Contribution: Amount that a student’s parents are expected to pay directly to a college. This amount is calculated using the information in the FAFSA, CSS/Financial Aid PROFILE, and other required financial forms.
Part Time: In general as student is considered part time when he is enrolled for 6-11 credits.
Room & Board: Costs associated with living and eating while enrolled in school. Normally, here are different room and board budgets for students living on and off campus.
SAR (Student Aid Report): An output document is generated for a student by the Federal application processor. The SAR contains financial and other information reported by the student on the FAFSA. The student’s Expected Family Contribution (EFC) is printed on the front of the SAR and is the figure used by colleges to determine eligibility for aid.
SAT: Scholastic Aptitude Test: A standardized aptitude test.
Scholarships: Funds used to pay for higher education, and sometimes high school, that do not have to be repaid. Scholarships may be awarded based on any number of criteria, such as academics, achievements, talents, and affiliations with various groups, or career aspirations.
Transcript: A list of all the courses that a student has taken at a particular high school or college with the grades that the student earned in each course.
Undergraduate Student: A student in a university or college who is still studying and has not yet received a bachelor degree.
Unmet Need: As defined by The Department of Education: unmet need is the difference between how much college costs and how much you can actually pay for it.
Work Study: The Federal Work Study program (also known as FWS or simply Work-Study) is a federally funded program. The Federal Work Study Program helps students earn financial funding through a part-time work program.
And here’s some info on what to use your money on when you get your scholarships. We hope this scholarship glossary has made some things clear for you and will help you on your way in the world of scholarships.