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FY2016 Financial Aid Terms & Definitions

 

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Awarded aid: The dollar amounts offered to financial aid applicants.

 

Financial aid applicant: Any applicant who submits any one of the institutionally required financial aid applications/forms, such as the FAFSA.

 

Indebtedness: Aggregate dollar amount borrowed through any loan program (federal, state, subsidized, un-subsidized, private, etc.; excluding parent loans) while the student was enrolled at an institution. Student loans co-signed by a parent are assumed to be the responsibility of the student and should be included.

 

Institutional scholarships and grants: Endowed scholarships, annual gifts and tuition funded grants for which the institution determines the recipient.

 

Financial need: As determined by your institution using the federal methodology and/or your institution's own standards.

 

Need-based aid: College-funded or college-administered award from institutional, state, federal, or other sources for which a student must have financial need to qualify. This includes both institutional and non-institutional student aid (grants, jobs, and loans).

 

Need-based scholarship or grant aid: Scholarships and grants from institutional, state, federal, or other sources for which a student must have financial need to qualify.

 

Need-based self-help aid: Loans and jobs from institutional, state, federal, or other sources for which a student must demonstrate financial need to qualify.

 

Non-need-based scholarship or grant aid: Scholarships and grants, gifts, or merit-based aid from institutional, state, federal, or other sources (including unrestricted funds or gifts and endowment income) awarded solely on the basis of academic achievement, merit, or any other non-need-based reason.


Non-need-based self-help aid: Loans and jobs from institutional, state, or other sources for which a student need not demonstrate financial need to qualify.


External scholarships and grants: Scholarships and grants received from outside (private) sources that students bring with them (e.g., Kiwanis, National Merit scholarships). The institution may process paperwork to receive the dollars, but it has no role in determining the recipient or the dollar amount awarded.

 

Work study and employment: Federal and state work study aid, and any employment packaged by your institution in financial aid awards.