Financial Aid Glossary

The Cost of Attendance consists of the sum of educational costs payable to the school (also referred to as direct or billable costs) and costs paid to others (or indirect, non-billable or discretionary) costs. The Cost of Attendance represents the highest dollar amount of financial aid a student can receive during an award year.

Costs paid to others (also referred to as indirect, non-billable, or additional costs), are other expenses not paid directly to the school, but associated with receiving an education. These expenses are estimated by the school and may differ from student to student based on their individual circumstances. These expenses may include books, course materials, supplies, equipment, transportation and parking, personal expenses, etc. These costs are estimated and combined with Costs Payable to the School to determine the Cost of attendance (COA) budget for an academic year.

Costs Payable to the school (also referred to as direct or billable costs) generally include tuition, fees, housing, and meals/food (for students residing on campus), health insurance (if minimum insurance coverage is not documented), or any other expenses paid to the school for enrollment.

The Family Educational Rights and Privacy Act (FERPA), enacted by the United States Congress in 1974, sets forth requirements regarding the privacy of student records.

Students may authorize parents to speak with faculty and various departments as follows:

• Complete FERPA release form.

• Designate the type of information that can be given.

• Create a Pass Phrase for parents to use when calling.

• This authorization may be changed at any time by changing the Pass Phrase.

Federal regulation prohibits the Office of Financial Aid from discussing a student's financial aid requirements or award without authorized consent under FERPA. Once a student has started at the college, the Office of Financial Aid WILL NOT speak to anyone without receiving the student's selected FERPA Pass Phrase.

A Direct Subsidized Loan is an undergraduate federal student loan based on financial need as determine by and offers students a reduced, fixed interest rate and flexible repayment terms. Interest is subsidized, meaning it does not accrue to the borrower, while in an in-school, grace, or deferment period. Annual and aggregate limits apply. More information can be found on the Student Aid website.

Note:  Student loans offered by the U.S. Department of Education (ED) to help eligible students cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. Eligibility for federal student loans is determine by successfully completing the Free Application for Federal Student Aid (FAFSA®)

An unsubsidized loan offers students a fixed interest rate and flexible repayment terms. It is not based on financial need. Interest begins to accrue when the loan is disbursed and can be paid while the student is enrolled or when loan repayment begins. Annual and aggregate limits apply. More information can be found on the Student Aid website.

Note:  Student loans offered by the U.S. Department of Education (ED) to help eligible students cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. Eligibility for federal student loans is determine by successfully completing the Free Application for Federal Student Aid (FAFSA®)

Direct Parent PLUS Loans are federal loans that parents of dependent undergraduate students can use to help pay for education expenses. There is a credit check for adverse credit history to qualify for PLUS loans.  More information on PLUS loans can be found on the Student Aid website here. 

Note: The PLUS loan application for the 2025-26 award year has not opened. The application generally opens in the summer.

The Pell Grant is a federal grant program designed to assist undergraduate students in low- and moderate-income households to pay for college. The award amount is based on the cost of the institution, SAI, and enrollment status, and is subject to an aggregate limit.

A federal grant awarded to those students with exceptional need as determined by completing the FAFSA. The amount of funding from this program varies by institution.

Federal Work-Study provides funding for part-time jobs for students with financial need. FWS is considered self-help aid and is paid directly to the student as they earn the funds by working.

A student or parent loan from a bank, credit union, private company, or a nonprofit or state-affiliated lender used to directly to pay for educational costs. Interest begins to accrue when the loan is disbursed, and repayment begins while the student is still enrolled in school.

To apply for federal student aid, including grants, work-study, and loans, you must complete the Free Application for Federal Student Aid (FAFSA®) form. It's free to submit and provides access to the largest source of financial aid for college or career school. Many states, colleges, and private aid providers also use FAFSA information to determine eligibility for additional aid. 

This includes federal loans, outside or alternative loans, external scholarships, student employment, institutional payment plan, etc.

Any money provided to students that does not generally have to be repaid. Scholarships and grants can be awarded based on different need and merit based factors. 

Below are different types of funding that fall into this category.

• Grants (federal or state)

• Scholarships (institutional or external)

• Tuition Remission

• Tuition Waivers

Need is determined by subtracting a student's Student Aid Index (SAI) from the Cost of Attendance (COA). If there is no SAI, no need can be determined.

Financial aid provided to students based on their financial need, determined by completing the FAFSA. 

Examples of need-based financial aid include grants, scholarships, work-study programs, and low-interest loans, like the federal direct subsidized loan.

The difference between the cost of attendance (COA) and all grants and scholarships.  The Net Price is the amount the student is expected to pay for their education out of pocket. 

Federal Title IV financial aid, which includes Federal Pell Grant, Supplemental Educational Opportunity Grant, Direct Loans (both student and parent) and Federal Work Study program are renewable as long as student is meeting Satisfactory Academic Progress standards at the annual review period.

As long as a student meets both the Quantitative Requirement and Qualitative Requirement, a student will be eligible for federal funds.

More information on our SAP Policy can be found here.

The SAI is the eligibility index used to determine your eligibility for federal, and in some instances, state and institutional need-based student financial aid.  The SAI range is from -1500 to 999999. An SAI of -1500 represents the highest level of need.  Your SAI is calculated based on the information provided by the student and contributor(s) when completing the Free Application for Federal Student Aid (FAFSA). 

Your SAI is NOT:

• a dollar amount

• what you or your family are expected to provide or pay for school

• your financial aid offer