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ACADEMIC YEAR: A period of at
least 30 weeks of instruction time during which a full-time student is expected
to complete at least 24 semester or trimester hours, or at least 36 quarter
hours, at an institution that measures program length in credit hours; or at
least 900 clock hours at an institution that measures program length in clock
hours. Washington University is on the semester system; full-time students are
expected to complete at least 12 credit hours each semester.
COST OF ATTENDANCE (COA): Sometimes
referred to as cost of education, it is the total annual amount it should cost
a student to attend school. The cost of attendance covers tuition and fees,
on-campus room and board (or a housing and food allowance for off-campus
students), and allowance for books and supplies, transportation, and
miscellaneous expenses. Certain other items may be added at the discretion of
the financial assistance counselor.
EXPECTED FAMILY CONTRIBUTION (EFC):
An amount, determined by a formula established by the U. S. Congress, that
indicates how much of a family’s financial resources should be available to
help pay for school. The EFC is used in determining eligibility for financial
asistance.
FAMILY SHARE OF EXPENSES: The
family share of expenses represents a best estimate of your family’s capacity
to absorb, over time, the costs of education. It is not a prediction of how
much cash is on hand, a value judgment about how much a family should be able
to draw from current income, or a measure of liquidity. And, it is not the
amount to be paid directly to the University, but rather the family’s share of
the total cost of education.
FAFSA (Free Application for Federal Student
Aid): The federal financial assistance application. This must be
completed by all students who wish to be considered for financial assistance at
Washington University.
FEDERAL FAMILY EDUCATION LOAN PROGRAM
(FFELP): Education loans provided by private lenders and guaranteed
by the federal government. Subsidized and unsubsidized Federal Stafford Loans
and parent PLUS loans are included in this program.
FEDERAL WORK-STUDY: This program
provides on-campus jobs for undergraduate and graduate students who qualify for
federal financial assistance.
FINANCIAL ASSISTANCE: The total
of funds awarded to a student in the form of scholarships, grants, loans, and
work-study jobs intended to help meet a student’s needs. These include federal
and non-federal forms of assistance.
FINANCIAL ASSISTANCE AWARD: The
total package consisting of a combination of scholarships, loans, and part-time
employment.
FINANCIAL ASSISTANCE COUNSELOR: A
representative of Student Financial Services that reviews a
student’s application, awards financial assistance, and helps the student and
parents in all aspects of financing their education.
FINANCIAL AID TRANSCRIPT (FAT): Designed
for use by upperclass students transferring to a new institution, a document
required from each school previously attended whether financial assistance was
received or not. This document is required by the school at which a student is
applying for financial assistance.
FINANCIAL "NEED": The difference
between the Cost of Attendance (COA) and the Estimated Family Contribution
(EFC). This amount is the total eligibility for financial assistance from all
sources, and it is used in determining the total amount of a financial
assistance award.
GRANT: A type of financial
assistance award that does not need to be repaid by the student.
INSTITUTIONAL STUDENT INFORMATION REPORT:
The Institutional Student Information Report (ISIR) is the name for the
electronic version of Student Aid Reports (SARs) delivered to schools by the
FAFSA processors.
MERIT-BASED SCHOLARSHIPS: Academic,
or merit-based scholarships are awarded to incoming freshmen based entirely on
exceptional academic promise. Incoming students must submit a separate
application to be considered for academic scholarships.
"NEED-BASED" FINANCIAL ASSISTANCE:
Financial assistance that is based on a family’s financial situation and on the
student’s academic and personal promise.
NEEDS ANALYSIS: A process of
reviewing a student’s financial assistance application to determine the amount
of financial assistance for which a student is eligible. Completing a needs
analysis form is the required first step in applying for most types of
financial assistance.
NONCUSTODIAL PARENT’S STATEMENT:
When parents of an applicant are separated or divorced, financial information
from both parents is requested. The Noncustodial Parent's Statement is a form
for the noncustodial parent to use to report this information.
OUTSIDE SCHOLARSHIPS: Scholarships
from organizations outside the University such as corporations, foundations,
service clubs, and local organizations. Such scholarships are awarded directly
to the student and should be reported to the University.
PARTNERS IN EDUCATION WITH PARENTS PLAN
(PEP): A Washington University plan that allows parents to borrow
four years of tuition, fees, room, and board at the freshman-year rate. The PEP plans
feature low interest rates, a home equity option, and the option to spread monthly
payments over as many as 10 years.
PELL GRANT: For undergraduate
students, first baccalaureate degree only. Eligibility is based on federal
methodology. The amount of the award ranges from $400 to $4,731, subject to
Congressional appropriations, and is reduced for students who enroll less than
full time. The federal Pell Grant does not appear as a credit on a student’s
account until Washington University has received valid, accurate, and complete
information from the FAFSA processors.
PERKINS LOAN: A low
fixed interest (5 percent) federal loan for both undergraduate and
graduate students with exceptional financial need.
PLUS LOAN: Plus Loans enable
parents with good credit histories to borrow to pay the education expenses of
each child who is a dependent undergraduate student enrolled at least half
time.
PROFILE: The application for
financial assistance processed through the College Scholarship Service (CSS).
This must be completed by all students applying for financial assistance from
Washington University.
SCHOLARSHIPS: Washington
University awards scholarships to incoming freshmen and transfer students based
on achievement and potential alone or on a combination of achievement and
potential and the family’s financial circumstances. Washington University
Scholarships are renewable as long as a student maintains satisfactory academic
progress, is enrolled for at least 12 hours, and the family’s financial
situation has not changed dramatically.
SEOG- Supplemental Educational Opportunity
Grant for undergraduate students: Eligibility is based on the
information provided on the FAFSA. Priority is given to students who are
eligible for Pell Grants, meet filing deadlines, and who demonstrate the
greatest need. This amount is included in Washington University’s initial
financial assistance award.
STAFFORD LOAN: Stafford loans
are student loans. They are provided by banks and are federally regulated.
Annual loan limits are: freshman $3,500, sophomore $4,500, junior $5,500 and
senior $5,500.
STATE GRANTS: Residents of
Alaska, the District of Columbia, New Jersey, Rhode Island, Vermont,
Pennsylvania, Delaware, and Missouri are required to apply for a state grant by
completing the FAFSA or, in some cases, a separate state application.
STUDENT AID REPORT (SAR): A form
sent to the student after submitting the FAFSA to the federal processor. The
SAR shows the information processed and indicates Pell Grant eligibility.
TUITIONPAY: A monthly payment
plan that allows parents to pay each year’s bill in 10 installments. There is
no interest, only a $65 administrative fee.
VERIFICATION: A process of
review to determine the accuracy of the information on a student’s financial
assistance application. Students are selected by the Processing Agency of the
Pell Grant Program.
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