Financial Aid Terminology

Official notification of the type and amount of financial aid a college is offering you

College books can be very expensive (they could cost anywhere from $200 to $700 a semester). You'll also need to purchase other supplies depending on your classes

The difference between what your family can contribute toward college expenses and the actual cost of attending college.

AKA verification worksheet for dependent students. Found in your colleges' financial aid website.

How much money you and your family is expected to contribute towards college expenses. EFC is based on your FAFSA application and a calculation by the federal government.

The federal application every student must submit in order to be eligible for federal financial aid. Visit fafsa.ed.gov

The CA Dream Act is a state-based financial aid program for eligible undocumented students that was established in Spring 2012 by the CA Student Aid Commission. Visit dream.csac.ca.gov for more information.

Money for college that does not have to be paid back. Most grants are need-based and are awarded by the state or federal government.

Financial assistance given by a college, typically either need-based or merit-based aid.

The IRS Data Retrieval Tool (IRS DRT) electronically transfers your federal tax return information into your FAFSA form.

Your college/university might request one to verify income information. Here's the website to request a transcript online,

www.irs.gov/individuals/get-transcript

Student transcript is requested if student said they filed taxes on their FAFSA and didn't use IRS Data Retrieval Tool.

A W-2 reports the employees' annual wages and taxes withheld from paychecks. Requested when student reported working on FAFSA. If you don't have your W-2, you will have to ask your employer. If you work for a major company/business (e.g. Sea World), they should have an employee portal where you can access your W-2.

financial aid/money given to a student that must be paid back. There are several types of loans, including subsidized and un-subsidized loans.

Loans made to eligible undergraduate students who demonstrate financial need to help cover the cost of higher education at a college or career school, they accrue interest after graduation.

Loans made to eligible undergraduate, graduate and professional students, but eligibility is not based on financial need, they accrue interest from the date of disbursement

Financial aid given in exchange for work (typically at a job on campus). To qualify for the Federal Work Study (FWS) program, you must complete the FAFSA.