Cost of Attendance
Number that is calculated by combining both the direct and indirect costs of attending college.
Through a series of questions the FAFSA form will decide whether you are considered independent or dependent student.
Tuition, room and board, and fees.
Expected Family Contribution (EFC)
This is a number generated by the FAFSA. It estimates how much money a family should be able to pay for their student to attend college. This number is used as a guide in determining financial aid and need.
Financial Aid Package
Document received by the student indicating the total amount and types of financial aid received by the student.
This is the difference between the cost of attendance and the EFC. (Cost of attendance-EFC=Financial Need)
Type of financial aid provided by the government or the institution that is not required to be paid back.
Books, personal expenses, transportation..etc.
Type of financial aid that is required to be paid back.
Merit Based Aid
Type of aid that does not need to be paid back and is based on performance or other criteria.
Student Aid Report (SAR)
Document sent to a student by the U.S. Department of Education. It contans financial and other information that was reported on the FAFSA.
This is a review process in which the Financial Aid office will request documentation from a student to verify the accuracy of the FAFSA. (About 1/3 of FAFSAs are randomly selected for verification.)