Terminology

Application Deadline: The date by which applications, including transcripts and SAT/ACT scores, as well as letters of recommendation and supplemental portfolios are due at a college. Deadlines vary by college – it is a student’s responsibility to research each schools’ application policy and procedures to confirm deadlines.

Associate’s Degree: Typically, a 2-year degree that is completed at a community/junior college. When a student transfers to a four-year institution, an associate’s degree typically will fulfill the general education requirements.

Bachelor’s Degree: Typically, a 4-year degree, that results in a Bachelor of Arts, Bachelor of Science, or Bachelor of Fine Arts.

Common Application: A single application which is accepted by more than 700 institutions. After completing the general Common Application, students may need to complete a school-specific supplemental document. Once all required documents are completed, a student will submit the application individually to each school.

Consortium: Several colleges and universities within close proximity that allow students the opportunity to use the libraries or take classes at all member institutions. Consortium members often present joint lecture programs or unusual courses.

Deferred Admission: Deferred admission is a plan which permits a student, once accepted, to postpone matriculation for one year, in order to pursue other plans

Deferred Decision: The college or university determines that more information is needed to make a final decision about a candidate’s application. Often the decision is delayed until additional grades and/or new test scores are received.

Early Action: A plan that invites early applications, but does not require the student to attend if accepted. The application deadline is usually in early November through December.

Early Decision: A plan, offered by a select number of colleges, that invites early applications, and requires the student to attend if accepted. The application deadline is usually in early November. If accepted through Early Decision, the student must withdraw all other applications immediately.

Gap Year: A one-year program that a student completes before beginning their college education. Gap years take on many looks, from service-based to self-exploration. Students should check with colleges about deferring admission to complete a gap year before applying.

Grade Point Average (GPA): The cumulative average of all your grades. The GPA is calculated at the end of each semester.

Master’s Degree: A 2+ year degree program, that would occur after a student earns their Bachelor’s degree.

Need-Blind: The philosophical position that a college accepts a student on the basis of his or her meeting specific requirements, without regard to the student’s ability to pay. The understanding is that the school’s Financial Aid Office will assemble an appropriate package for the student.

Priority Deadline: Rolling admission colleges that have priority deadlines information students earlier if they have been admitted, and may give priority to housing or financial aid.

Reach School: A school where the student’s GPA and ACT/SAT scores are at or below the average accepted scores. All highly-selective & ivy schools are reach schools for all students.

Regular Decision: The last deadline a student may apply to a college. Students generally apply anytime between January 1 and early March, with notification responses received by April 1.

Rolling Admission: After applying, a college will notify the applicant as soon as the application has been processed (usually 4-6 weeks) and the file is complete. It is to the student’s advantage to apply as early as possible.

Restrictive Early Action: A plan that invites early applications, but does not require the student to attend if accepted; however, students may not apply Early Decision/Early Action to any other school. The application deadline is usually in early November through December.

Safety School: A school where the student’s GPA and ACT/SAT are at or above the average accepted scores. Also, a school that is financially reasonable for the student/family.

Target School: A school where the student’s GPA and ACT/SAT are at the average accepted scores.

Transcript: The student’s academic record that is sent by the high school to the colleges where the student is applying. This includes courses taken, final grades, cumulative GPA, and work in progress (senior courses).

Waitlist: A list maintained by selective schools, containing names of students predicted to succeed at the institution but not accepted until those initially accepted notify the school if they will attend. If space remains, the school contacts waitlisted students generally between May 1 and August 1.

Adjusted Gross Income (AGI): Your family’s wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a federal income tax return

Award Amount: Amount of aid a school expects to pay a student based on the student’s current grant and loan eligibility, enrollment, Expected Family Contribution (EFC), and the school’s cost of attendance

Award Letter: An offer from a college that states the type and amount of financial aid the school is willing to provide if you accept admission and register to take classes at the school

Award Year: School year for which financial aid is used to fund a student’s education. Generally, this is the 12-month period that goes from July 1 – June 30

Cost of Attendance: The total amount it will cost you to go to a school – usually stated as a yearly figure. Includes tuition and fees, room and board, and allowances for books, supplies, transportation, loan fees and dependent care.

Dependency Status: The determination of a FAFSA applicant as dependent or independent

Direct Loan: A federal student loan, made through the William D. Ford Federal Direct Loan Program, for which eligible students and parents borrow directly from the U.S. Dept. of Education at participating schools.

Direct PLUS Loan: A loan made by the U.S. Dept. of Education to graduate or professional students and parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest, regardless of loan status.

Disbursement: Payment of federal student aid funds to the student by the school. Students generally receive their federal student funds in two or more disbursements.

Emancipated Minor: An individual (under the age of 18) who has legally been determined to be an adult by a court in his/her state of legal residence.

Expected Family Contribution (EFC): The number that is used to determine your eligibility for federal student financial aid. This number results from the financial information you provide in your FAFSA application.

FAFSA: Free Application for Federal Student Aid

Federal Pell Grant: A federal grant for undergraduate students with financial need.

Federal Perkins Loan: A federal student loan, made by the recipient’s school, for undergraduate and graduate students who demonstrate financial need.

Federal School Code: An identifier that the U.S. Dept. of Education assigns to each college school that participates in the federal student aid programs. In order to send your FAFSA information to a school, you must list the schools’ Federal School Code on your application.

Federal Student Aid: Financial aid from the federal government to help you pay for education expenses at an eligible college. Grants, loans and work-study are types of federal student aid. You must complete the FAFSA to apply for this aid.

Federal Student Loan: A loan funded by the federal government to help pay for your education. A federal student loan is borrowed money you must repay, with interest.

Federal Work-Study: A federal student aid program that provides part-time employment while you are enrolled in school, to help pay your education expenses.

Financial Need: The difference between the cost of attendance (COA) at a school and your Expected Family Contribution (EFC). While COA varies from school to school, your EFC does not change based on the school you attend.

Grant: Financial aid, often based on financial need, that does not need to be repaid (unless, for example, you withdraw from school and owe a refund).

Homeless: An individual is considered homeless if he/she lacks fixed, regular and adequate housing.

Independent Student: A student who is one of the following: at least 24 years old; married; a graduate or professional student; a veteran; a member if the armed forces; an orphan; a ward of the court; someone with legal dependents, other than a spouse; an emancipated minor; someone who is homeless or at risk of becoming homeless

Interest: A loan expense charged for the use of borrowed money. Interest is paid by a borrower to a lender. The expense is calculated as a percentage of the unpaid principal loan amount

Legal Guardianship: A relationship created by court order, through which the court appoints an individual other than a minor’s parent to take care of the minor

Merit-based Aid: Based on a student’s skill or ability. For example: a merit-based scholarship might be awarded based on a student’s grades and test scores

Need-based Aid: Based on a student’s financial need. For example: a need-based grant might be awarded based on a student’s low income

Net Price: An estimate of the actual cost that a student and his family need to pay in a given year to cover education expenses for the student to attend a particular school

Net Price Calculator: A tool that allows a current and prospective students, families, and other consumers to estimate the net price of attending a particular school.

PLUS Loan: A loan available to graduate students and parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest, regardless of the loan status

Private Loan: A non-federal loan made by a lender such as a bank, credit union, state agency, or school

Room & Board: An allowance for the cost of housing and food while attending college

Scholarship: Money awarded to students based on academic, or other achievements, to help pay for education expenses

Student Aid Report (SAR): A summary of the information you submitted on your FAFSA. You receive this report via email a few days after your FAFSA has been processed, or by mail within 7-10 days if you did not provide an e-mail address. If there are no corrections or additional information needed, the SAR will contain your EFC.

Subsidized Loan: A loan based on financial need for which the federal government pays the interest that accrues while the borrower is in school, grace period, or deferment status.

Unsubsidized Loan: A loan for which the borrower is fully responsible for paying the interest, regardless of the loan status. Interest on unsubsidized loans accrues form the date of disbursement, and continues throughout the life of the loan.