College Scholarship Service (CSS)
A service that provides the Financial Aid PROFILE Service (see below), which is required by some colleges. Cooperative Education Plan (Co-op)
A program offered by some colleges that lets you combine work and study. Co-op programs are either "alternating" (work and study in alternating school terms) or "parallel" (work and study scheduled within the same school term). Expected Family Contribution (EFC)
This is the amount you and your parents are expected to pay toward educational expenses for the coming year. The EFC is calculated from a formula established by Congress, based on the information provided on the Free Application for Federal Student Aid (FAFSA). Federal Hope Scholarships
This is actually a tax credit, rather than a scholarship. Families can claim a tax credit up to $1,500 per tax year for each eligible dependent for up to two years. The actual amount of the credit depends on the family's income and other factors. Federal Work-Study
This program provides much of the money necessary for colleges to offer on- and off-campus jobs to students with demonstrated need. Financial Aid Package
The Financial Aid Package tells you what grants, scholarships, loans and/or work-study you have been awarded, and the amount of each. Financial Aid PROFILE Service
Some colleges use PROFILE, which is offered by the College Scholarship Service (CSS), to award their private funds. You register for PROFILE with the CSS, which sends you an application packet. You fill out the application and return it to CSS, which forwards your information to the colleges of your choice. Free Application for Federal Student Aid (FAFSA)
The FAFSA is the financial aid application used by all colleges. Available at most high schools and colleges, the FAFSA is completed and then returned to the U.S. Department of Education for evaluation—in your senior year, as soon after January 1 as possible. This can be done by mail, or online at fafsa.ed.gov. See your guidance counselor for more information. Parental Contribution
The portion of the Expected Family Contribution (EFC) your parents are expected to contribute toward college expenses. It's based on a variety of factors including income, family size and the number of family members in college. Parent Loan for Undergraduate Students (PLUS)
A federal loan for parents provided by the Federal Family Education Loan Program. To be eligible for a PLUS loan, your parents will usually be required to pass a credit check. Pell Grants
Awards made by the federal government that don't need to be paid back. The FAFSA serves as the Pell Grant application. Your eligibility depends on a formula set by Congress. Perkins Loans
Federal loans awarded to you by colleges as part of their total aid package. You have to pay these back, but payments don't begin until nine months after you leave college. Colleges award these loans based on the information you provide on the FAFSA. Special Circumstances
A college's financial aid administrator may consider special circumstances that could affect your Expected Family Contribution (EFC). These circumstances may include an unemployed parent, unusual medical or dental expenses, or tuition expenses for younger children in private school. Report any such conditions to the financial aid officer at the college(s) where you're requesting aid. Stafford Loans
These are federal loans available to you through local lenders. There are two types of Stafford Loans. For the subsidized Stafford, you must demonstrate need, and you pay nothing on the loan while you're in school. Unsubsidized Stafford Loans, meanwhile, are available to non-need students, but require you to pay interest while still in school unless the lender deferrs interest payment until later. Supplemental Educational Opportunity Grants (SEOG)
SEOGs, part of the federal aid program, do not require repayment. They are made to students with exceptional financial need, as determined by the college. Student Aid Report (SAR)
About four weeks after mailing the FAFSA (or about one week if you file electronically), you'll receive an SAR. This report includes the information you provided on the FAFSA, an opportunity to make corrections, and your Expected Family Contribution (EFC). The SAR guides financial aid officers in determining Federal Pell Grants. Student Contribution
The portion of the Expected Family Contribution (EFC) that the student is expected to contribute toward college expenses. This calculation is based primarily on student income and asset information. Supplemental Financial Aid Applications
Many colleges, particularly private ones, require students to file an additional financial aid application along with the FAFSA. Some colleges provide their own form, while others use the Financial Aid PROFILE Service. It's best to check with each college to see which supplemental application, if any, is required. Verification
After sending in the FAFSA, students and parents may be required to provide copies of their income tax returns to the college. One reason the federal government requires this verification is that people often fill out the FAFSA before completing their tax returns and may base their figures on estimated information. Note: For more information on federal financial aid opportunities, get a free copy of The Student Guide by calling 1-800-4-FED-AID. It's also available online at finaid.org. Copyright © 2002 by the author or Christianity Today International/Campus Life magazine.
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