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Financial Aid Terminology | Graduate Studies
Award Letter
A letter sent from the Financial Aid office notifying students of the types and amounts of funding they are eligible for.
Cost of Attendance (Cost of Education)
The average amount it will cost a student to go to school. This figure includes tuition, fees, books, supplies, transportation, room and board, and miscellaneous expenses.
Expected Family Contribution (EFC)
An indicator of the student's financial strength based on the results of the FAFSA (Free Application for Federal Student Aid).
Federal Processor
Agency designated by the U.S. Department of Education to process your FAFSA answers and calculate an EFC.
Financial Need
The difference between the student's cost of attendance and the expected family contribution.
Free Application for Federal Student Aid (FAFSA)
The application students must complete to have their financial need determined.
Grant
An award that the student does not have to repay.
Guarantee/Origination Fee
A fee that is deducted from the proceeds of a loan.
Independent Student
As defined by federal regulations, a student where a contribution from parents is not expected.
Office of Higher Education (OHE)
The state agency which administers all state financial aid programs.
Need-based Financial Aid
Financial Aid awarded based on need. The Pell Grant, Student Employment, Perkins Loan, and Subsidized Stafford Loan, are examples of need-based financial aid.
Non-need-based Financial Aid
Financial Aid not based on need. The Unsubsidized Stafford Loan, SELF Loan, PLUS loan, and private/alternative loans are examples of non-need based financial aid.
Origination Fee
A fee charged by a lender for processing a loan application.
Parent PLUS Loan
A non-need based, unsubsidized loan for a parent of a 'dependent student'.
Parents' Contribution
The portion of the Expected Family Contribution (EFC) to be provided by the parents of a dependent student.
Pell Grant
The Pell Grant is a federal grant awarded to undergraduate students who demonstrate financial need based on the results of the Free Application for Federal Student Aid (FAFSA).
Perkins Loan
A need-based loan funded by the federal government and administered by the college. Loan repayment is made directly to the college attended.
Professional Judgement
A decision made by the Financial Aid office to consider unusual circumstances which cannot be determined from the information on the FAFSA. The Professional Judgement form is available on our forms list.
"Prom Note" (Master Promissory Note)
The contractual agreement between a borrower and a lender in which the borrower agrees (promises) to pay back money to a lender according to specified terms and conditions.
Satisfactory Academic Progress (SAP)
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.
Scholarship
An award given to a student based on academic achievement and/or financial need. This funding does not need to be paid back.
Student Aid Report (SAR)
The Department of Education's report to the student confirming the information that the student provided on the FAFSA.
Student Contribution (SC)
That portion of the Expected Family Contribution to be provided by the student (and spouse, if applicable).
Student Employment
A need-based governmental program which provides employment to students. Graduate students may be eligible for Teaching Assistant positions.
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.
Student Education Loan Fund (SELF Loan)
A low interest loan for students attending a Minnesota college. A credit worthy co-signer is required and his/her signature must be notarized.
Supplemental Educational Opportunity Grant (SEOG)
A federal grant awarded to undergraduate students who demonstrate financial need based on the results of the Free Application for Federal Student Aid (FAFSA). Students must also be PELL grant eligible.
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. A student may be eligible for additional Unsubsidized Stafford Loan funding if the Parent PLUS loan is denied by a lending institution.
Verification
A process completed by the Financial Aid Office to verify that data supplied on the FAFSA is accurate. Tax forms, W2's, and a Verfication Worksheet are collected by the Financial Aid Office in this process.
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