The academic year for which financial aid is requested (or received). The award year runs from July 1 to June 30.

The person who receives the loan.

The total cost of attending a college or university for one academic year and listed on the award letter.

An agreement between the borrower and lender to reduce or postpone repayment of a loan for a designated period, often during enrollment in college or before being employed after graduation. During deferment, interest does not accrue on subsidized federal student loans.

Determines to what degree a student has access to parent financial resources.

The amount your family is expected to pay based on their specific circumstances and finances from data retrieved on the FAFSA.

A form that is completed to give colleges a picture of your financial status; colleges use this to determine the amount of aid you need to attend. If you expect to receive any form of financial aid, you must complete this form.

Aid funded by the federal government and administered by the U.S. Department of Education along with the college or university.

Money from the federal government that does not have to be repaid.

Any type of grant, scholarship, or work study offered to meet the cost of attendance.

The difference between a college’s cost of attendance (COA) and the expected family contribution (EFC) used to award need-based financial aid.

Financial aid awarded by the college that is not based on financial need, often based on academics or other achievements and talents.

Money to help pay for the cost of tuition that does not need to be repaid after graduation; based on specific criteria from the college itself or private organizations.

Lower interest rate loans awarded based on the student’s financial need with interest deferred until after graduation.

Federally guaranteed loans awarded without regard to financial need with interest accruing immediately upon disbursement and regular payments beginning after graduation.

Need-based aid in the form of part-time employment at the college or a non-profit or government agency that helps pay the cost of attendance.