Definitions

Academic year: A period of time consisting of three semesters, beginning with Fall semester (in September of each calendar year) and continuing through Summer semester (which ends in August of each calendar year). Exact beginning and ending dates will vary slightly each year. The financial aid award year corresponds to the academic year.

Alternative loans: Non-federal student's loans. These include the SELF loan, the Parent PLUS loan, the graduate PLUS loan, and private loans.

Award letter: Your notification of gift aid and/or loan eligibility for each academic year. Your award letter tells you the assumptions upon which your award is based (your annual enrollment plan and your grade level). It also shows you how much of each type of aid you are awarded will disburse to your student account each semester (loans must be applied for).

BANNER Web: The College's software that allows you to check your student records from the web. You can check your student account, your financial aid status, your class schedule, your unofficial transcript, your grades, and more. Click here for directions for accessing Banner Web.

Cost of attendance: Also known as the financial aid budget, this is the amount it should cost you to attend the online program each year, including tuition and fees (actual), books and supplies (estimated), and living expenses (estimated). Your annual financial aid award equals your annual cost of attendance.

Dependent Student: As defined by federal regulations, a student where a contribution from the parents is expected. A student's dependency status is determined by answers to certain questions on the FAFSA.

Direct Loan: A low-interest, fixed rate loan borrowed from the government. For more information or to apply, go to www.css.edu/apply.xml.

Disbursement: The amount of each element of your total annual award that will pay to your student account each semester. Your per-semester disbursements are shown on your Award Letter.

EFC (Expected Family Contribution): The amount of money you are expected to be able to contribute annually to your education, as determined by the federal methodology need analysis formula approved by Congress. Your EFC is derived from the information you submit on your FAFSA, and it is used to determine your eligibility for need-based financial aid such as federal and State grants and subsidized federal loans. NOTE: loans or non-need based gift aid may be used to cover your EFC.

FAFSA: see Free Application for Federal Student Aid.

Federal Processor: The agency designated by the U.S. Department of Education to process your FAFSA answers and calculate an EFC.

Financial Need: see Need.

Free Application for Federal Student Aid (FAFSA): The federal application that students must complete to have their financial need determined. The website to complete this is www.fafsa.ed.gov.

Gift aid: Financial aid that you do not have to repay. This term includes federal and State grants, institutional and non-institutional scholarships, employer reimbursement, veterans' benefits, and Americorps educational benefits. Any/all gift aid you will receive for the academic year is shown on your Award Letter.

Grant: An award that the student does not have to repay.

GroupWise: The College of St. Scholastica's e-mail system. As a student, you will have your own GroupWise address, and we will use it to communicate with you. You should develop the habit of checking your GroupWise e-mail at least a couple of times each week. Click here for directions for accessing Groupwise.

Guarantee/Origination Fee: A fee that is deducted from the proceeds of a loan by the lender.

Hold on student account: There are two types of holds on student accounts. Registration holds prevent students from registering for classes. Transcript holds prevent students from viewing their online transcripts.

Registration holds are placed on balances over $500 unless you are on a payment plan. This hold will prevent you from registering until you make arrangements to pay your account balance. Transcript holds are placed on balances of $25.00 or more (even if students are enrolled in the payment plan). Online transcripts cannot be viewed online when there is a transcript hold on your record. You can request unofficial transcripts at no cost by contacting your home campus or the registrar at (800) 447-5444 ext. 6039 or (218) 723-6039. The transcript hold will prevent you from obtaining a college official transcript.

Independent Student: As defined by federal regulations, a student where a contribution from the parents is not expected. A student's dependency status is determined by answers to certain questions on the FAFSA.

Loan eligibility: The maximum amount of loan money you may apply for during the academic year.

Master Promissory Note: The contractual agreement between a borrower and a lender in which the borrower agrees to pay back money to a lender according to specified terms and conditions.

MPN: see Master Promissory Note.

Need: The difference between your Cost of Attendance (see above) and your EFC (see above). This amount determines your degree of eligibility for federal and State grants and subsidized federal student loans.

Need-Based Aid: Financial aid awarded based on need, such as: Pell grant, student employment, Perkins loan, and subsidized Stafford loan.

Non-Need Based Aid: Financial Aid not based on need. The unsubsidized Stafford loan SELF loan, PLUS loan and other private/alternative loans are examples of non-need based aid.

Office of Higher Education (OHE): The state agency that administers all state financial aid programs.

Origination Fee: A fee charged by the lender for processing a loan application.

Pell Grant: A federal grant awarded to undergraduate students who demonstrate financial need based on the results of the FAFSA.

Private loan: A student loan borrowed from a private lender. This loan is credit-based so a student may be required to have a cosigner. The terms and conditions vary by lender. For more information or to apply, go to http://www.css.edu/Administration/Financial-Aid/Apply-for-Loans/Alternative-Loan-Options.html , click on alternative loans, and then private loans.

Professional Judgment: A process by which a student can have their award letter re-evaluated due to extenuating circumstances. More information can be found here .

Refund: Your financial aid package includes enough loan eligibility to exceed your tuition charges, enabling you to borrow money for books and living expenses if you need to. Any time your financial aid disbursements exceed your charges; your account will show a credit balance. You can request that your credit balance be sent to you by check or deposited in your bank account by completing a Refund Release Form and submitting it to the Business Office.

Refund Release: Required to activate a refund. The Refund Release can be applied for by logging into your BANNER Web account and selecting the "Personal Information" tab. Select "Authorizations/Waiver Form" and choose "Student Refund Release Authorization Form."

Satisfactory Academic Progress: Students must maintain a cumulative grade point average at the minimum standard or higher and complete the minimum number of course credits required to complete degree requirements in the maximum allowable time frame. These standards must be met for students to receive Federal, State, or Institutional funding.

Schedule/Bill: After you have registered for a semester, Student Accounts will send you a Schedule/Bill statement via GroupWise e-mail; it will show the classes you have registered for, the related tuition costs, and the financial aid disbursements that are expected for that semester.

Scholarship: An award given to a student based on academic achievement and/or financial need. This funding does not need to be paid back.

Semester: An academic period that is usually 16 weeks in length. There are three semesters in each academic year (Fall, Spring, and Summer).

Student account: You will have a personal student account maintained in the Business Office for the duration of your time at St. Scholastica. All of your tuition charges and fees will appear on your student account as debits, and all of your payments (financial aid, credit card, cash, or outside agency or company payments) will appear as credits. Each entry will be identified by academic year and semester. You will be able to view your student account at any time in Banner Web.

Student Aid Report (SAR): The Department of Education's report to the student confirming the information that the student provided on the FAFSA.

Subsidized Stafford Loan: A loan subsidized (quarterly interest is paid) by the federal government as long as the student is enrolled in school at a half-time basis or more.

Unsubsidized Stafford Loan: The Unsubsidized Stafford loan is offered to students regardless of their financial need. The terms are the same as the Subsidized Stafford loan (see above) except the borrower is responsible for the quarterly interest. A borrower can choose to pay the quarterly interest or opt to let it capitalize.

Verification: Approximately one-third of all FAFSAs are selected by the Federal Processing Center for verification. Additionally, the financial aid office may select students for verification if there are inconsistencies on the FAFSA results. During verification we compare your source documents (federal tax return and W-2s and/or 1099-MISCs) to the information you entered on your FAFSA. If your FAFSA information was incorrect, we are required to change it. If your FAFSA was selected for verification, we will notify you and will send you a list of the document copies we need; please DO NOT send anything unless we ask you to! Verification must be completed before financial aid will pay to your student account.