• Financial Aid Terms

    Learn the meaning of terms most commonly used in the financial aid process.

    Award letter (Financial Aid Package)
    Issued by a college’s financial aid office, this is the official notification of the financial aid a student is eligible to receive.
     
    Cost of Attendance
    The estimated cost of attending college for one academic year. 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)
    A measure of how much a student and their family can be expected to contribute to the cost of a student's education for the year. The EFC is determined by the information provided on the FAFSA.
    Federal Work Study
    A program that provides part time employment to college students to help meet the cost of their education.
    Federal Pell Grant
    The Federal Pell Grant is available to students who qualify by completing the FAFSA.
    Federal Supplemental Education Opportunity Grant (SEOG)
    A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need. 
    Free Application for Federal Student Aid (FAFSA)
    The form a student completes to determine the amount of financial aid they will receive. More information can be found at www.fafsa.gov 
    Gift Aid
    Award given to a student that is not required to be repaid.
    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.

     
    Independent Status Student
    Students that can file their FAFSA as independent 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.
    Out of Pocket Costs
    Difference between costs and gift aid which can be given by earnings, savings, and educational loans.
    Self-Help
    Financial aid that is in the form of work-study or student loans
    Verification
    Process to confirm the accuracy of data provided be the applicant on the FAFSA. In order to complete the verification process, students (and parents) are required to provide certain documents to the college for review. 
    Educational Loans

    A type of financial aid that must be repaid with interest.

    *Student Loans- Federal Stafford Loans borrowed by the student and can be subsidized or unsubsidized by the government based on the FAFSA.

    *Alternative (Private) Loans- A commercial education loan based on credit-worthiness. It usually requires a co-signer.

    *Parent Loans- The Federal PLUS loan is borrowed by the parent. It does require the parent to be credit-worthy.


     
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