The parent contribution is an estimate of the portion of the student's educational expenses that the federal government believes his or her parents can afford. It is based on income, the number of parents earning income, assets, family size, the number of family members currently attending a university, and other relevant factors. Students who [..]

One of the two national standardized college entrance examinations used in the US. The other is the SAT. The ACT is widely used in the West and Midwest. Most universities require either the ACT or the SAT as part of an application for admission.

Aptitudes are natural talents, special abilities for doing, or learning to do, certain kinds of things. Manual dexterity, musical ability, spatial visualization, and memory for numbers are examples of such aptitudes.

A sum subtracted from a family's total assets when determining the Expected Family Contribution to college costs. This allowance provides a safety net for families. The allowance increases with the age of the parents. The allowance is roughly one thousand times the oldest parent's age.

The amount a family has in non-retirement savings and investments. This includes savings and checking accounts; a business; a farm or other real estate; and stocks, bonds, and trust funds. Cars are not considered assets, nor are such possessions as stamp collections or jewelry. The net value of the principal home is counted as an asset by some coll [..]

An award letter is an official document issued by the Financial Aid Office that lists all of the financial aid awarded to the student. This letter provides details on their analysis of the student's financial need and the breakdown of the financial aid package according to amount, source, and type of aid. The award letter will include the term [..]

Colleges determine your Expected Family Contribution by looking at your income and assets for the twelve-month period, ending on December 31, preceding the school year for which you are seeking financial aid. That year is called the "base year." For example, if your child is applying for financial aid for the 2006-2007 school year the sch [..]

An additional financial aid form required by some colleges for parents and students who own a business or farm. This form is processed by the College Scholarship Service and is a supplement to the Financial Aid Profile. C

The university administers campus-based financial aid programs. The federal government provides the university with a fixed annual allocation, which is awarded by the financial aid administrator to deserving students. Such programs include the Federal Supplemental Educational Opportunity Grant, the Federal Perkins Loan, and Federal Work-Study (FWS) [..]

A nonprofit membership organization comprised of colleges, secondary schools, and educational associations that administers the SATs and runs the College Scholarship Service.