Understand the Terminology
Overview
The Financial Aid My Portal award contains a list of the financial aid sources that you qualify for based on the information submitted on the FAFSA. This aid is outlined to demonstrate how students may qualify to cover the cost of a Â鶹ÃÛÌÒAV education. Access your Financial Aid Award in .
Scholarships & Grants - these funds are free and do not have to be paid back.
Loans - these funds must be paid back.
Federal Work-study - these funds are linked to a work program. Students who qualify, may work on campus, or at select off campus locations in between classes and earn work-study funds. The earnings are not automatically applied toward the student's outstanding charges. However, students can work to earn these funds and apply them toward their bill and may elect to have a payroll deduction directly to their account.
Definitions
Cost of Attendance - not necessarily the amount you will have to pay to attend Â鶹ÃÛÌÒAV, but an estimate of possible expenses. Actual costs will vary by student.
Expected Family Contribution (EFC)- calculated from the information reported on the FAFSA. This does not reflect the amount you will have to pay out of pocket. The EFC will be used along with the cost of attendance to determine how much "need based" aid you will qualify for.
Initial Need - Cost of Attendance minus Expected Family Contribution equal the Initial Need.
Outside Resources - funds received from outside sources to help pay educational expenses. These are funds not processed by financial aid, but payments negotiated through the Student Accounting Office. Typically, these represent payments from employers, tuition payment plans, etc.
Need - Cost of Attendance minus Expected Family Contribution, minus Outside Resources equal Need.
Status - the student classification that this aid level applies to
Fall - September through December aid to help pay Fall costs
Winter - January through April aid to help pay Winter costs
Summer - May through August aid to help pay Summer costs
Total - total amount of aid to help pay Fall, Winter and/or Summer costs