• Financial Aid Terms

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

    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. Additional information can be found on the Loan Programs/Alternative Loans page.
     
    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 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 $5,645 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 Direct Loan
    Direct Loans are available to all students who complete the FAFSA. There are two categories of a Direct 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. Repayment of the Direct Loans begins 6 months after the student drops below 6 credit hours, graduates or leaves school.
    Loan Limits:
    First Years $5,500 Sophomores $6,500 Juniors/Seniors $7,500
    Please note: At least two thousand dollars, of the total award, will always be unsubsidized. Independent Freshmen 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. More information can be found at www.fafsa.gov 
    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 lender for the use of its money through a loan.
    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.
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