The following terms are words that will become very familiar to you during your journey through the interesting world of financing a college education. Learn to understand them and make them work for you. If you speak the language of those people who are responsible for administering Financial Aid, your chances of obtaining the maximum assistance available are greatly enhanced.
ACT, or American College Testing Program:
An Iowa based testing and financial aid service organization. To receive a need analysis you and your family must complete the Family Financial Statement (FFS) and return it to the ACT’s offices.
Budget ( also called “Cost of Attendance”):
The total cost of attending a particular college or university for one full academic year. When you are not yet accepted in a particular school, you may need to calculate this for multiple possible schools to which you are applying. This figure is often available as an estimated amount from the school. This estimate may need to be adjusted to you personal situation (travel expenses to a distant school, etc.) This amount should include tuition, fees, books, room and board (whether in the dormitories or a private apartment), supplies (include Internet access expenses if these are not provided by the school), personal expenses (clothing, cosmetics, cleaning, haircuts, etc), and transportation. Note: The estimated amount from you school represents an average student and may not include special fees required for students in certain majors or courses of study. Your budget may be adjusted to reflect these amounts. Note: If you don’t own a PC of your own, which colleges now think is as required as a typewriter used to be, you can legitimately add the cost of a “middle grade” PC (and a good printer!) to your budget for your freshman year. An adequate computer is definitely part of your required college needs. The cost is a legitimate part of your financial need.
CLEP, or College Level Examination Program:
An examination by the CSS or College Board, which tests a students achievement in material included in common undergraduate college courses. Colleges use the examination results to award credit for lower level (first and second year) college courses for incoming freshmen and transfer students who demonstrate their proficiency in tested subjects.
CSS, or College Scholarship Service (a.k.a. “College Board”):
A New Jersey based testing and financial aid service organization. To receive a need analysis you and your family must complete the Family Financial Statement (FFS) and return it to the CSS’s offices. The CSS administers the SAT testing program, also called the “College Board Exams”.
College Work Study Program (a.k.a. Work-Study):
A federal program for undergraduate or graduate students enrolled at least half time. This program provides employment, usually on campus, for students with demonstrated financial need.
Dependency Status:
Students who qualify as “independent Students” will receive aid packages different from those considered to be still dependent upon their parents. Married students, veterans, orphans, and wards of the state may all be considered for independent status. Consult your Financial Aid Officer if you have any family situation which might need consideration for his or her ability to “override” the standard proceedures.
Discretionary Funds:
Most schools have these funds available to officers such as the President, Deans, and Financial Aid Officers to use “at their discretion”. Such funds are NOT listed among published sources of Financial Aid. They are usually held as “Emergency reserve” funds. A student with exceptional needs, or one whose financial situation undergoes an unforeseen change during the school year, may be allocated additional Financial Aid from such funds. In some cases, intervention by a member of the institutions Board of Trustees will miraculously make such funds available.
EDP or Early Decision Plan:
A plan allowing participating colleges to notify students of acceptance by December 15th of their senior year of high school. Students choose between two plans. EDP-F (First Choice plan) requires students to withdraw all other applications as soon as they are notified of acceptance. ESP-S (Single Choice plan) requires students to apply to only one school unless they are rejected.
EFC or Expected Family Contribution:
The total amount of money which it is expected that the parent(s) and the student can combine to contribute toward the cost of a post-secondary (college) education. Note : Special circumstances such as excessive medical expenses, loss of employment, or other hardship information should be provided to the Financial Aid Officer as these can be justifications for changes in your EFC!!!
FAF or Financial Aid Form:
A form created by the College Scholarship Service (CSS) to collect information required to determine your need for financial assistance. You submit this form to the CSS where it is analyzed, and the analyzing body forwards the results to those schools you identify on the form. The CSS version of the FFS.
FAFSA or Free Application for Federal Student Aid:
A federal form used by students applying for Pell Grants and other federal financial aid programs. Keep a copy of the information supplied on it, as most of it will be used again on other forms.
FFS or Family Financial Statement:
A form created by the American College Testing Program (ACT) to collect information required to determine your need for financial assistance. You submit the for to the ACT where it is analyzed, and the analyzing body forwards the results to those schools you identify on the form. The ACT version of the FAF.
Financial Aid Package:
The total amount of Financial Aid provided to a student. This includes Scholarships, Grants (federal, state and institutional), Loans, and expected earnings under a Work-Study program. This probably will not exceed the difference between your EFC and your Budget (Financial Need).
Financial Need:
The difference between your Budget (cost of attending school) and your EFC or expected Family Contribution. Note: Your Financial Need will be higher at the more expensive colleges, justifying more Financial Aid.
Foundation:
A Foundation is a private charitable institution, established as a not-for-profit organization with the sole purpose of supporting charitable entities through the provision of grants, loans, scholarships, and/or contributions.
Graduate Student:
A student in a college or university who has completed the requirements of a bachelor’s degree at some accredited institution, who is now enrolled in a higher level degree seeking educational program (e.g. master’s degree, etc).
Grant:
Money provided as a gift to be used toward your school costs. A grant does not have to be repaid.
Loan:
Money provided for school costs by a third party (e.g. a bank or credit union, etc) which must be repaid, usually with interest. A subsidized loan may not require interest to be paid, or not until after graduation.
MDE or Multiple Data Entry:
A system allowing a student to apply for federal assistance using any one of a number of forms provided by the U.S. Department of Education.
Merit Award:
Financial assistance provided to you based on your academic achievements or civic accomplishments, independent of your financial need. Sometimes called a “No-Need Award”.
Montgomery “GI Bill” Benefits:
The present “GI Bill of Rights”, the Montgomery GI Bill, provides educational assistance to Veterans of the nations uniformed services. The Montgomery Bill is different from preceding GI Bill’s in providing assistance to full time students who are members of the Reserve components of the uniformed services, even if they have not served extended Active Duty. After six months satisfactory participation a Reserve unit, a Reservist is entitled to a monthly educational assistance check from the VA as well as earning drill pay for his or her Reserve participation.
Need:
As used in financial aid circles, the difference between your resources (parents, savings, private scholarships, etc) and your total academic budget. Getting your budget correct is therefore clearly very important.
Need Analysis:
The process used to objectively determine your demonstrated or proven financial need.
Need Based Award:
Financial Aid provided in the basis of demonstrated financial need, generally based on the FAF, FFS, or a similar process.
No-Need Award:
Assistance provided based on academic merit or other qualifications, which does not consider demonstrated need.
Parent’s Contribution:
The amount you parents can be expected to contribute toward your school costs. This amount is adjusted based on both parental resources and the number of children, and the number of college students among them. Added to your funds it becomes the “Expected Family Contribution”.
PLUS or Parent Loans for Undergraduate Students:
This federal program allows parents to borrow money for their children’s education directly from banks or other lending institutions.
Pell Grant Program:
The largest federal need-based grant program. You will almost always be required to apply for this, even if you know you will not qualify, before other programs will accept you application(s).
Perkins Loan:
This federal load program provides loans for undergraduate students. Repayment begins when the student graduates or leaves the school. Service in the military, VISTA, the Peace Corps or other programs may allow for deferment of repayment or cancellation of indebtedness.
ROTC or Reserve Officer Training Corps:
Enrollment in these programs of the Army, Navy and Air Force, provide grants-in-aid to satisfactory students. These programs usually incur Active Duty obligations in the respective service after graduation.
SAT or Scholastic Aptitude Test, a.k.a. “College Board Exam”:
A test administered by the CSS to test verbal and mathematical ability. The SAT is used by many colleges as a prerequisite for admission. It is required by most sponsors of private financial aid programs. The SAT is commonly referred to as “The College Board Exam” or “College Boards”.
Scholarship Loan:
Financial Aid that must be repaid to the lending institution in cash or possibly by services rendered, with little or no interest.
Self Help:
The portion of your college budget that you are expected to provide on you own, from savings, summer employment or other assets.
Stafford and Direct Loan Programs:
These federal programs allow students to borrow money for college directly from the U.S. Government, banks and lending institutions. The student must demonstrate financial need to qualify.
SAR or Student Aid Report:
A report that is sent to students who have applied for federal financial aid. It indicates the students eligibility for federal financial aid programs.
Undergraduate Student:
A student who is enrolled at a community college, college, or university, who has not yet qualified for a bachelor’s degree.
Undergraduate Student Assistant program:
A particular type of Work-Study program in which a student is employed to assist one or more professors in his department of study. Usually pays minimum wage and is limited to 20 hours per week of work. Allows you to schedule work hours around your class schedule. Work may involve preparation of materials for classes (overheads, handouts, etc), grading examinations, counseling fellow students on academic requirements for graduation, etc.
USAF or United Student Aid Funds:
A federally approved processing agency that provides SingleFile, an application that students may use to provide for federal and other student financial aid.
Work-Study:
A program providing part time jobs for students, through which they may earn cash or pay a portion of their school costs through employment, usually on campus.
Items of Special Interest
Frank S. Land Scholarship:
One of a group of Scholarships funded by The DeMolay Foundation, Inc. DeMolay membership is NOT required to apply. The application form is available from DeMolay International Headquarters:
The DeMolay Foundation
10200 No. Executive Hills Blvd.
Kansas City, MO 64153
Or may be downloaded and printed from the DeMolay International Web Site at www.demolay.org. Application deadline is May 1st is applying for the Fall semester, and October 1st for an award to begin in the Spring Semester. A copy of the form, current for the 2000-01 school year, is included in the publication.
Florida Educational Foundation, Inc. Scholarship:
A group of scholarships funded by the FEF, Inc. This scholarship is intended to assist with the cost of books and supplies. A copy of the application is not included in this publication, as it changes yearly. The current application form and information is available from:
The Florida Educational Foundation, Inc.
Attn: Mr. Russell B. Glendenning, Secretary
2915 Bucida Drive
Sarasota, Florida 34232
Telephone: 941-371-3320
Scholarships from Lodges, York Rite and Scottish Rite Bodies, and other Masonic Affiliated groups:
If you are a DeMolay, a Jobie, or a Rainbow, have you asked your sponsoring body if they have any scholarships for which you can apply? How about other lodges which do not presently sponsor Masonic Youth groups? The Scottish Rite Valley? The York Rite? The M.W. Grand Lodge, F. & A.M., in Jacksonville? It never hurts to ask, and you may not be told about available sources of aid if you don’t ask. If the answer is “Sorry, we don’t have those.” You are in the same position as if you don’t ask. Moreover, the answer might well be “Yes, we do have those.”
