Alternative Loans-Private student and parent loans that do not require a FAFSA

Campus Based Programs-Federal Work Study, Federal Supplemental Educational Opportunity Grants, and Perkins loans are the three kinds of federally funded financial aid programs that are administered by colleges and universities

Cost of Attendance-The total annual costs of attending a college calculated by that college. In addition to room and board, it includes books, personal expenses, transportation, etc. This is the amount on which financial aid is based. 

Dependency Override-option for the college to use Professional Judgment with proper documentation and explanation to override the dependency status of the student.

Early Action- Programs that allow students to be notified early about their admission without obligating them to attend that college. Even if accepted, students are free to apply to other schools and to compare financial aid offers

Early Decision- Programs that bind the student to attend that college. Therefore the student cannot renege on their commitment unless they are not accepted or the financial aid package. The tradeoff is sacrificing leverage for a better financial aid package at the expense of guaranteed admission.   

Expected Family Contribution (EFC)–The amount of money that a family is expected to contribute toward the student’s cost of attendance. This number is the result of completing a FAFSA.

Federal Methodology-The method used for calculating EFC based on the FAFSA.

Federal Work Study-Type of financial aid allowing students to work campus based jobs to defray college costs.

Gift Aid-Financial aid such as a grant or scholarship offered by the government and colleges

Grants-Gift aid based on financial aid 

Institutional Methodology-Another method for calculating a family’s expected contribution based on the completion of a CSS/Financial Aid Profile. This amount is used for awarding financial aid from funds under the college’s control. 

Need Aware-Colleges that take financial need and its ability to satisfy it when making admission decisions.

Need Blind-Colleges that make admission decisions without consideration of a family’s ability to pay or if they applied for financial aid.

Non Need Based Aid-Tuition discounts to attract certain students to a college.

Professional Judgment-The authority of a school's financial aid administrator to make adjustments to the data elements on the FAFSA and to override a student's dependency status based on supporting facts and documentation. This authority is also regulated by governmental requirements and guidelines subject to strict compliance audits.

Subsidized Loan-A need based Stafford loan on which the government pays the interest while the student is in college.

Unsubsidized Loan-Non need based student loan on which interest accrues while the student is in college

Unmet Financial Need-The difference between the Cost of Attendance and the Expected Family Contribution.  This is the amount on which financial aid and loans are based.

Work Study-A federal program that provides campus based employment for those with the greatest financial need.