A period of time schools use to measure a quantity of study. For example, a school’s academic year may consist of a fall and spring semester during which a full-time undergraduate student must complete 24 semester hours. Academic years can vary from school to school, and even from educational program to educational program at the same school.

The school must have accreditation from an accrediting body recognized by the U.S. Department of Education to be eligible to participate in the administration of federal student aid programs. Accreditation means that the school meets certain minimum academic standards, as defined by the accrediting body.

The written acknowledgement by the student of receipt of an award letter. The form usually provides for acceptance or rejection of offered aid.

Cash on hand in checking and savings accounts; trusts, stocks, bonds, other securities (excluding retirement accounts and primary residence); real estate, income-producing property, business equipment, and business inventory. Considered in determining Expected Family Contribution (EFC) under the regular formula or an institutional eligibility test.

A means of notifying successful financial aid applicants of the assistance being offered. The award letter usually provides information on the types and amounts of aid offered, as well as specific program information, student responsibilities, and the conditions that govern the award. It generally provides students with the opportunity to accept or [..]

An alternate term for the cost of attendance.

The term commonly applied to those U.S. Department of Education federal student aid programs administered by institutions of post-secondary education. Includes: Federal Perkins Loan, Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work-Study (FWS).

Costs associated with attending college. Can include: tuition and fees, room and board, allowances for books, supplies, transportation, personal expenses, child care and costs related to a disability.

An award of gift assistance that is specifically designated for a recipient in a particular academic department within the institution.

A student who does not qualify as an independent student and whose parental income and asset information is used in calculating Expected Family Contribution.