Financial Aid Terms
Academic Year
The nine months a student is enrolled; two semesters, August
through May
Direct Costs
Charges billed by the university: tuition, on-campus housing,
meals, and fees.
Expected Family Contribution (EFC)
Calculated using the information provided on the FAFSA to determine
the family's ability to contribute financially to the educational
expenses.
FAFSA
Free Application for Federal Student Aid
Family Responsibility
The difference between direct costs and the financial assistance
you have been offered (excluding Federal Work Study).
Financial Aid Eligibility (need)
The difference between the total cost of education and the expected
family contribution (EFC). The total amount of assistance you may
be eligible for during the academic year.
Financing Options
Programs available to all families to assist with the family's
obligation to the university regardless of financial aid
eligibility.
Indirect Costs
Variable living expenses incurred by the student while attending
school: books, transportation, personal expenses, etc.
Merit and Talent Awards
Awards based on academic achievement or performance ability
(scholarships).
Payment Plan
Payment option for expenses billed by the university (direct
costs); available to students who enroll in the plan during
designated enrollment dates.
Need-based Aid
Awards based on financial aid eligibility, as determined by the
FAFSA (grants).
Self-Help
Federal Stafford Loan, Federal Perkins Loan and, student employment
(Federal Work Study).
Total Cost of Education
All expenses involved in attending college for an academic year:
tuition fees, room, meals, books, transportation and personal
expenses.