Glossary

Anselmian Aid Secure portal for uploading personally identifiable information required to complete the financial aid application process such as federal tax documents. Alternative Loans Non-federal loans available to students or parents to meet the cost of attendance less other financial aid offered. The student/borrower is responsible for choosing a lender and completing the application process directly with that lender. You may find the comparison tools Elm Select or Credible found on the resources page, helpful with price comparison. Cost of Attendance (COA - Budget) The cost of attending college for one academic year, which includes expected direct (billable) costs: tuition; mandatory fees; food and housing; and an allowance for estimated indirect costs: books; supplies; travel; loan fees and personal expenses. FAFSA (Free Application for Federal Student Aid) The form that must be completed by students and parent contributors applying for federal student aid. The FAFSA is usually available on October 1st at https://studentaid.gov/h/apply-for-aid/fafsa; however, it has been delayed until December for 2023. Federal Direct PLUS (Parent Loan for Undergraduate Students) Federally insured loans allowing parents of dependent students to borrow up to the full cost of the student’s education minus financial aid received. Creditworthy parents are eligible to borrow a PLUS Loan regardless of family income. Federal Direct Subsidized Loans Loans offered to students who demonstrate financial need, meaning COA less SAI. The federal government pays the interest on these loans while the students are in school. Federal Direct Unsubsidized Loans Loans available to students regardless of financial need. Borrowers pay interest on these while in school, or they may defer payment and allow interest to accrue. Federal Pell Grant The largest federal grant program. Students who meet federal criteria for financial need automatically receive this grant. It does not require repayment. Federal Pell Grants for 2023-2024 range from $767 to $7,395. Federal Supplemental Educational Opportunity Grant (SEOG) This federal grant is awarded to low-income students receiving Pell Grants based on availability of funds at the college, and does not require repayment. Federal Work Study (FWS) This federal program offers students the opportunity to meet some of their indirect costs by working part-time on campus or off campus at an approved nonprofit agency. As with any employment, neither a job nor a specific number of hours is guaranteed. A student must earn work study funds and is paid in the form of a paycheck, according to the number of hours worked. Financial Aid Financial assistance for education in the form of scholarships, grants, loans, and work study. Financial Aid Offer The total amount of financial aid (federal and non-federal), such as scholarships, grants, loans, and work study, for which a student is eligible. Financial Need The difference between the cost of attendance at a college and the Student Aid Index (SAI). Gift Aid Financial aid, such as grants and scholarships, which does not need to be repaid. Grants Gift offers, which do not have to be repaid. Grants are available through the federal government, state agencies, and colleges. Institutional Student Information Record (ISIR) A report sent to a colleges and universities whom the student designates by the federal Department of Education summarizing information reported on the FAFSA. The student’s eligibility for financial aid is determined in part by the Student Aid Index on the ISIR. Lender A bank, credit union, or other financial institution that provides funds to students or parents for an education loan. Loan A type of financial aid that must be repaid. Student loan programs have varying interest rates and repayment options. Merit Scholarships Merit scholarships are based on prior academic achievement in high school, rather than on financial need, and are offered to new students by the Office of Admission. Net Price Amount of indirect and direct costs remaining after all scholarship and grant aid is applied. Net price can be covered through a variety of sources including savings, income, and education loans. Outside Scholarships Scholarships available through sources such as religious and civic organizations, parents’ employers, and local businesses. Pre-paid Tuition Plan A college savings plan that is guaranteed to rise in value at the same rate as college tuition. Student Aid Index (SAI) The contribution calculated by the federal government and the college based on family earnings, net assets, savings, and size of family, which is used to evaluate a student for need-based aid. Tuition The funds needed to cover all educational expenses (e.g., classroom instruction, use of facilities, and support services), but not including charges for room, board, and special fees.