FINANCIAL AID	Money given or loaned to help pay for college. Financial aid can come from federal and state governments, colleges, and private and social organizations.
COST OF ATTENDANCE (COA)	The total amount of college expenses before financial aid. Cost of attendance includes money spent on tuition and fee, room and board, books and supplies, and living expenses.
NET PRICE	The actual cost that a student/family will pay in a given year to cover expenses for the student to attend school. Net price is determined by taking the institution's cost of attendance and subtracting any grants and scholarships for which the student may be eligible.
NET PRICE CALCULATOR	An online tool that gives a personalized estimate of what it will cost to attend a specific college. Most colleges are required by law to post a net price calculator on their websites.
FAFSA (Free Application for Federal Student Aid)	The free application form you submit to apply for federal financial aid. It is required for all students seeking federal student grants, work-study programs, and loans. Most colleges require it as well when considering financial aid packages for students.
STUDENT AID REPORT (SAR)	A form sent to students/families after submitting the FAFSA. The SAR indicates the Estimated Family Contribution or (EFC) or amount students/parents can be expected to pay for college.
EFC (Expected Family Contribution)	A measure of your family's financial strength. States and colleges use this number to help determine your financial aid award. The EFC is calculated using the information you supply about your family's financial circumstances.
PARENT CONTRIBUTION	A portion of the Expected Family Contribution that is derived from the parent's family income, assets, state and federal taxes, an allowance for family living expenses, and the costs of other family members in college.
AWARD LETTER	The document a student receives from a college that explains the terms of the financial aid that the college is offering. Award letters vary among institutions and the information includes the types and amounts of financial aid offered.
FINANCIAL AID PACKAGE	A combination of aid (may include merit-based scholarship, grants, loans, and / or work study) awarded by an institution's financial aid office.
CSS PROFILE	A financial aid application used by more than 300 colleges, universities used to help determine their financial aid awards.
SCHOLARSHIP	Money awarded to students based on academic or other achievements to help pay for education expenses. Scholarships generally do not have to be repaid.
MERIT SCHOLARSHIP / MERIT-BASED AID	Financial aid that is awarded based on a student's personal achievements. Merit-based awards may look at a student's grades, test scores, special talents, or extracurricular activities to determine eligibility.
NEED-BASED AID	Financial aid that is based on a student's financial circumstances. Need-based aid can be awarded in the form of grants, loans, work-study.
DEMONSTRATED NEED	The difference between your expected family contribution (EFC) and the total cost of attendance for a particular college.
OUTSIDE SCHOLARSHIP	Also called "private scholarship". A scholarship offered by a private organization (not the government or a college). Outside scholarships are offered by all kinds of groups, individuals, corporations, and nonprofit organizations.
GRANT	A type of financial aid award based on need that is not repaid by the student.
PELL GRANT	For undergraduate students, first baccalaureate degree only. Eligibility is based on Federal Methodology. The amount of the award varies due to Congressional appropriations and will be reduced for students who enroll less than full time.
LOAN	Money you borrow from the government, a bank, or another source. Loan money is usually paid back with interest which is calculated when you take out the loan.
SUBSIDIZED LOAN	The government pays the interest on the loan while the student is in school during any deferment periods. Subsidized loans are awarded based on financial need and may not be used to finance the family contribution.
UNSUBSIDIZED LOAN	With this loan, the government does not pay the interest while the student is enrolled. The student has the option to either pay the accruing interest monthly or allow the interest to capitalize (to be added to the principal). Either way, required payments do not begin until six months after graduation or six months after the student drops below half-time enrollment.
WORK-STUDY PROGRAM	A federal student aid program that provides an opportunity for a student to work part-time and attend college. Work-study is designed to help students fund their education expenses.