Common and Universal applications: These standardized application forms allow students to apply to several schools using the same form, lessening time spent providing the same information several times. The Common Application is accepted by nearly 200 independent colleges while about 1,000 schools use the Universal Application. Be sure to check with the schools on your list for whether or not they accept either form.
Credit hour: A unit of academic credit that often represents one hour of class time per week for a period of study (semester, quarter, etc.)
Deposit: Most colleges and universities require a deposit to hold your place in the freshman class. Typically it is required by May 1. Double-depositing, submitting nonrefundable deposits to more than one school, is frowned upon because doing so has wide-ranging effects for other students and for universities.
Early admission: A program provided by some colleges and universities in which applications are available to students earlier than usual, and admissions results are provided earlier as well. Typically, early admission applications are available in mid-October through late November with a response from the school by mid-December. Some early admission programs are open only to exceptional students or are for students who have exhausted all of their educational options early.
Open admissions: The policy of some colleges of admitting virtually all high school graduates, regardless of their high school grades and admission test scores.
Rolling admissions: A practice, mostly by state-controlled universities, where applications are accepted at any time of the year.
Selective admissions: The policy of admitting only well-qualified applicants, based on high school grades, admission test scores, and additional personal information often provided through essays, resumes, interviews, and letters of recommendation.
Transcript: The official record of high school or college courses and grades, generally required as part of the college application.
Wait list: A list of students who have not yet been admitted to a college, but who may be admitted. By placing a student on a wait list, a college does not offer or deny admission; it extends the possibility in the future, before the admission cycle is completed.
Student Grants and Scholarships: They are both considered gift aid since they do not have to be repaid. They are the most desirable forms of student financial aid.
Student Loans: These are sums of money that must be repaid. The reason they count as student financial aid is that they contain favorable repayment terms and are offered at attractive interest rates below the going commercial rates.
Work Study: This is exactly what it sounds like. It is money that does not have to be repaid and the college will provide the student with the job. Work Study jobs pay minimum wage and the work commitment is fulfilled once the students has earned the amount of the work-study award.
FAFSA - Free Federal Student Financial Aid Application: Every student who wants to apply for any of the federal student financial aid programs, some of the campus-based student aid programs, and some of the state student aid programs must first complete the federally approved student aid application which is called the Free Application for Federal Student (Financial) Aid. Students may also have to fill out additional forms such as the Financial Aid Profile (FLAP) for a small fee if the colleges they are applying to or the state they live in require additional data for awarding their own funds.
Family Contribution: The amount a student and his/her family are judged capable of paying. The contribution remains constant, no matter where the student plans to go to college. Through planning, with the assistance of firms like College Plan Advisor, families can lower this number and increase their eligibility for financial aid.
Cost of Attendance: This number will differ at each school. It includes tuition, fees, room, board, books and materials, transportation costs, and living expenses.
Financial Need: If the cost of attendance is greater than the student's family contribution, then the student has a "financial need." To illustrate, if the cost of attendance is $10,000 at a particular school and the student's family contribution is $5,000, then the student's financial need is $5,000.
Priority Filing Date: The official period for filing most of the federal student financial aid applications is between January lst through May lst of the first calendar year of the school year for which the student is applying for aid. The priority filing date varies from one school to the next, but usually falls before the end of March. Students who file their student financial aid applications (FAFSA) on or before the schools published priority filing date will be given first consideration for all federal and campus-based student aid programs.
Student Financial Aid Report: After a student files his/her student financial aid application (FAFSA), he/she will receive a Student Aid Report from the U.S. Department of Education within 6 weeks. The purpose of the Student Aid Report is to tell the student what his/her family contribution will be based on the information supplied on the FAFSA.
Accreditation: A process that ensures that a school's programs maintain at least a minimum level quality. A student must make sure that the school they plan to attend has been accredited by a nationally recognized accreditation association. Students who attend a non-accredited school will not qualify for federal student finanical aid (or state student financial aid).
Student Financial Aid Package: Using the information from the Student Aid Report, each school's financial aid administrator builds a college financial aid package for the student. The financial aid package generally consists of grants, scholarships, work/study, and loan aid.
Financial Aid Package: The foundation of the student financial aid package is any assistance the student receives from the Federal Pell Grant program, the student's state financial aid programs, and any scholarships the student found on their own. The FAO then uses funds from the three federally funded campus based programs. These three programs are administered by the college financial aid office at each participating school. Each school receives a certain amount of funds from each of these programs and when the money is gone, there are no more awards that year. These three programs are the Carl D. Perkins Loan program, the Supplemental Educational Opportunity Grant Program, and the College Work Study Program. Next, the college will incorporate any campus based scholarships or private scholarships the student found on their own into the package. If, at this point, the student still has a remaining need, the FAO will recommend that the student obtain a Stafford Student Loan.