Below are some common financial aid and financial services terms
Academic Scholarships- Academic scholarships are based upon academic achievement as reflected in your college application.
Accounting Office- The Accounting Services Department is responsible for receiving payments.
Authorization to Hold-Agreement signed to hold federal aid to apply towards an upcoming balance (ex. Fall2 /Spring 2 courses).
Book Voucher- Students may receive vouchers to purchase books depending on financial aid awards.
FASFA (Free Application for Student Federal Aid) - is a form completed by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid.
Federal Pell Grant- This grant is a form of financial aid provided by the Federal government to students whose FAFSA indicates a high level of financial need.
Federal Perkins Loans- These loans are similar to Stafford loans in that no interest accrues while you are in college. The interest rate is lower, and the repayment grace period is longer than that of a Stafford subsidized loan. The need-based standards are more stringent for the Perkins loan and funds are awarded based on the FAFSA Student Aid Report.
Fees- These are charges that cover costs not associated with the student's course load, such as costs of some technology uses, athletic activities, clubs, labs, tests, and special events.
Financial Aid- Various types of financial help including scholarships, work-study jobs or grants to eligible students.
PLUS Loan- The Federal Parent Loan for Undergraduate Students (PLUS) allows parents, regardless of income, to borrow up to the total cost of education minus the amount of any other financial aid awarded by the institution or the government.
Stafford Loan- This is a federal student loan for college students used to supplement personal and family resources, scholarships, grants, and work-study. A Stafford Loan may be subsidized or unsubsidized, depending on whether it is need-based.
Subsidized Loans- These loans are need-based loans with interest paid by the government and payments deferred as long as the student is enrolled in a post-secondary program of studies.
Tuition- The charge to each student for instruction by the credit hour of a course designated for each semester. (Tuition does not include board and room and meal plans).
Unsubsidized Loans- Unlike a subsidized loan, an unsubsidized student loan has interest added to the balance even while a student is still enrolled in school.
Verification- The Department of Ed routinely selects applicants to provide documentation to verify the validity of information submitted on the FASFA.
Work-study- A financial aid program where students work part-time at the college to gain work experience.