Glossary of Financial Aid Terms

Award Letter
Issued by a college’s financial aid office, this is the official notification of the financial aid a student is eligible to receive.

Alternative loans
These are available to any student and generally a co-signer is needed. Credit score and debt-to-income ratio are factors  in determining the approval of an alternative loan. There are many alternative loan programs available. Let us help you in finding the program that works best for you.

Cost of Attendance (COA)
This is the total amount it will cost a student to attend a particular college. It includes tuition, housing and meals, fees, books, supplies, transportation costs, and personal expenses.

Equal Opportunity
Kuyper College is committed to assuring equal opportunity with respect to both education and employment and does not discriminate on the basis of race, color, religion, age, national origin, gender, or disability. Kuyper College complies with Title IV of the Civil Rights Act of 1964, Title IX of the Educational Amendments of 1973, and other applicable statutes.

Expected Family Contribution (EFC)
This is the amount that the federal government estimates that a family should be able to pay toward the cost of a child’s education. This information is compiled from the FAFSA by the federal government.

Federal Academic Competitive Grant (ACG)
The Federal ACG is available to students who are U.S. citizens, Pell eligible, registered full-time (either freshman or sophomore) and completed a "rigorus" high school program.

Federal Community Service Work-Study Program
This program is a partnership between the federal government and Kuyper College. It’s based on financial need according to a student’s completed FAFSA. This program is meant to place eligible students in the community as volunteers. Although students may volunteer for an organization, they’re paid. The positions are primarily off campus. U.S. citizenship or eligible non-citizenship status is required.

Federal Pell Grant
The Federal Pell Grant is available to students who qualify by completing the FAFSA. The award can be as much as $4,731 per year and is determined by the Expected Family Contribution (EFC).

Federal PLUS Loan
Parents may borrow under the Federal Direct Plus Loan Program on behalf of the student. Parents are eligible to borrow the cost of education minus aid based on creditworthiness.

Federal Stafford Loan
Stafford Loans are available to all students who complete the FAFSA. There are two categories of a Federal Stafford Loan: subsidized and unsubsidized. With a subsidized loan, the government pays the interest while the student is in college. With an unsubsidized loan, the student is responsible for interest while in college. Payments for Federal Stafford Loans begin 6 months after the student drops below 6 credit hours or after graduation.

Federal Direct Stafford Loan limits
First Years $3,500      Sophomores $4,500   Juniors/Seniors $5,500

Please note: An additional $2,000 in unsubsidized loans is available for all students. Independent First Years and Sophomores may qualify for an additional $4,000 in unsubsidized loans. Juniors and Seniors may qualify for an additional $5,000 in unsubsidized loans.

Federal Supplemental Education Opportunity Grant (SEOG)
The Federal SEOG is available to students who qualify by being eligible for the Federal Pell Grant. These awards can be as much as $600 per year.

Federal Work-Study Program
Funds for the Federal Work-Study Program come from the federal government. Students are awarded federal work-study money based on their financial need as determined by the completed FAFSA. Students must be U.S. citizens or eligible non-citizens to receive these funds.

Financial Aid Package
This is the total amount of financial aid a student receives. It may consist of grants, scholarships and loans.

Free Application for Federal Student Aid (FAFSA)
This is the form a student completes to determine the EFC and the financial aid that will be available.

Grants and Scholarships
These constitute free money available for education through a college or university, the state, the federal government, and outside agencies. Grants and scholarships may be awarded on the basis of need, GPA, merit or all three.

Interest
This is the amount charged by a bank for the use of its money through a loan.

Independant Status Student
Students that can file their FAFSA as independant from their parents. To qualify, you must meet one of the requirements below:

*You have reached your 24th birthday before January 1st of the beginning of the academic year for which you are applying for financial aid.
*You are married.
*You have children who received more than half of their support from you.
*You have dependents (other than your children or spouse) that live with you and who will receive more than half of their support from you, now through June 30th of the end of the academic year for which you are applying for financial aid.
*You are an orphan or ward of the court (or were a ward of the court until age of 18) or certified as being homeless.
*You are a veteran of the U.S. Armed Forces.

Kuyper College Student Employment Program (SEP)
Kuyper College funds this SEP independently. The money is primarily awarded to Canadian and International students but is awarded to U.S. citizens who do not qualify for the above programs due to FAFSA determination. Only on campus positions are filled through this program.

Michigan Adult Part-Time Grant (APTG)
Given to independent students who have need - based on their FAFSA and due to outside responsibilities can attend college only on a part-time basis. (This program is no longer available)

Michigan Competitive Scholarship (MCS)
A need and merit-based award given to students who qualify based on their EFC and ACT scores.

Michigan Tuition Grant (MTG)
A need-based award given to students attending private institutions and who qualify based on Expected Family Contribution (EFC).

MichiganTuition Incentive Program (TIP)
Awarded to students who received medicaid assistance during their childhood or if the student is adopted.

Michigan Promise Scholarship (MPS)
Starting with the class of 2007, this program will replace the MEAP/Merit award. It is based on students score on the Michigan Merit Exam (MME). (This program is no longer available)

State of Michigan Work-Study Program
Funding for this type of work-study is a partnership between the state of Michigan and Kuyper College. A student may be awarded state work-study funding if he or she is a Michigan resident. Eligibility is determined on the basis of a student’s completed FAFSA. (This program is no longer available)

Student Employment Program (SEP)
This is work—either on or off campus—for students to help them pay for their education.