Financial Aid
Academic Common Market
A program that allows residents of specific states to attend an out-of-state college
at an in-state tuition rate. This is often based on the state of residence, the college
the student plans to attend, and the major. Students must apply through their home
state to participate.
Books and Supplies
COA component that provides the average cost of books and supplies for a typical student
for an academic year. Does not include unusual costs for special groups of students
(e.g., engineering or art majors), unless they constitute most students at an institution.
Consortium Agreements
An agreement between two schools that allows a student’s home school to count enrollment
at the host school (for courses that will transfer back to meet degree requirements)
when determining financial aid eligibility.
Home School
School where a student will receive their degree and has financial aid disbursed.
Host School
School where a student may take a few courses that would transfer back to their home
school to satisfy degree requirements.
Course Program of Study (CPoS)
A federal regulation that allows federal (and WV state) financial aid to pay only
for classes that count toward a student’s officially declared degree program. Classes
outside of the declared program of study cannot be included in the estimated cost
of attendance or covered by financial aid.
Disbursement
Aid that is accepted and authorized by the student.
Estimated Cost of Attendance (COA)
An estimate of the student’s educational expenses for the period of enrollment. The
COA typically consists of the following components: Books & Supplies, Housing & Food,
Tuition & Fees, Personal, and Transportation.
Federal Pell Grant
A federal grant awarded to undergraduate students who demonstrate significant financial
need. The Pell Grant does not have to be repaid (except in rare cases such as withdrawing
from all classes), and the amount awarded is based on factors like financial need,
cost of attendance, and enrollment status.
Federal PLUS Loans
Federal loans that allow parents and graduate students to borrow for educational costs.
Parent PLUS
Loan for parents of dependent students
Graduate PLUS
Loan for graduate students
Federal Student Loans
Borrowed funds from the U.S. Department of Education that must be repaid with interest.
Federal loans offer benefits such as fixed interest rates, flexible repayment options,
and, in some cases, loan forgiveness.
Subsidized Loan
Interest is subsidized while the student is in school.
Unsubsidized Loan
Interest accrues while the student is in school.
Federal Supplementary Educational Opportunity Grants (SEOG)
A federal, campus-based grant awarded to undergraduate students with exceptional financial
need. Funds are limited and given to students who receive the Federal Pell Grant.
This grant does not have to be repaid.
Financial Aid
Any form of funding that helps students pay for higher education expenses. Financial
Aid can be need-based, merit-based, and self-help. Types of financial aid include
grants, scholarships, loans, and work-study.
Financial Aid Applicant
Any applicant who submits a financial aid application such as FAFSA or General Scholarship
Application.
Financial Need
A calculation of the Estimated Cost of Attendance, Student Aid Index, and other financial
assistance that determines the amount of need-based financial aid a student may receive.
Food
COA component allowance that provides the equivalent of three meals per day. Students
who reside on campus will be estimated at the highest meal plan. Actual meal plan
charges are based on the number of meals per week or total amount of meals that can
be charged per semester.
Free Application for Federal Student Aid (FAFSA)
An application used to determine eligibility for federal, state, and some institutional
aid programs.
Graduate Assistant (GA)
Graduate students fully admitted to a master’s degree program may apply to be graduate
assistants. Students must be enrolled full-time (9 credit hours), be in good standing,
demonstrate communication skills, and evidence of subject matter competence. GA receives
a tuition waiver at the in-state tuition rate and a stipend.
Indebtedness
Aggregate dollar amount borrowed through any loan program (federal, state, subsidized,
unsubsidized, 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.
In-State Tuition
This is the tuition charged to students who meet the residency requirements.
Institutional Housing Plans
COA component allowance
On-Campus
Student lives in a residence hall and is assessed charges per semester. Estimate is
based on average or median amount assessed for housing charges.
Off-Campus
Student is given an estimated living expense amount based on the average rent cost
of the area.
With Parents
Student is provided with minimal living expenses, cannot be zero.
Institutional Scholarships and Grants
Endowed scholarships, annual gifts and tuition funded grants for which the institution
determines the recipient.
Loan Entrance Counseling
A mandatory online session for first-time federal loan borrowers that explains loan
responsibilities and repayment.
Loan Exit Counseling
A mandatory online session for federal student loan borrowers who graduate, leave
school, or drop below half-time enrollment that is meant to educate them on their
loan responsibilities and prepare them for repayment.
Loan Servicer
The company assigned by the Department of Education to manage billing and repayment
of a student’s federal loans.
Master Promissory Note
A legal document students must sign to agree to repay their federal student loans.
Merit-Based Aid
Financial assistance awarded to students based on achievements rather than financial
need. This aid may be given for academic performance, leadership, athletic ability,
talent, or other accomplishments. Merit-based aid can come from federal, state, or
institutional sources and may include scholarships or grants.
Need-Based Aid
Financial assistance awarded to students based on their demonstrated financial need.
It helps cover the costs of attending college and may come from federal, state, or
institutional sources. Types of need-based aid include grants, scholarships, loans,
and work-study.
Non-Need Based Aid
Financial assistance awarded without consideration of financial need. Eligibility
for non-need-based aid can be based on other factors such as merit, athletic ability,
leadership, specific program requirements, or it can be aid used to cover the amount
of the estimated COA not covered by other financial aid.
Out-of-State Tuition
This is the tuition charged to students who do not meet the residency requirements.
Other Financial Assistance
Aid sources received from external sources (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. These funds must be counted
toward the student’s estimated cost of attendance and other financial aid.
Personal
COA component for miscellaneous personal expenses incurred by a student such as (clothing,
hygiene products, etc.)
Private Educational Loans
Educational loans offered by banks, credit unions, or other lenders that are credit
based, have various requirements, and often require a cosigner.
Refund
Money returned to the student if financial aid and payments exceed institutional charges.
Return of Title IV (R2T4)
A federal requirement that determines how much financial aid must be returned to the
Department of Education if a student withdraws before completion of the semester.
Satisfactory Academic Progress (SAP)
The academic standards students must maintain to continue to receive financial aid.
These standards include minimum overall GPA, completion rate, and maximum timeframe
requirements (only for fall/spring terms).
State Grants
Financial aid funded by the student’s state government, usually awarded based on financial
need, residency, or other state-specific criteria. State grants do not need to be
repaid. Some states require a FAFSA as well as a separate application.
Student Aid Index (SAI)
A number calculated from the information a student enters on the FAFSA that is used
to determine financial aid eligibility. The range is –1500 to 99,999.
Student Employment
Part-time employment on or around campus where students may work up to 20 hours per
week.
Federal Work Study
A campus-based federal student aid program with limited funding. Students must meet
all general eligibility requirements to receive federal financial aid, meet the priority
FAFSA deadline, and indicate interest in participating.
Auxiliary
Student employment funded by the institution. Students must be degree seeking, in
good academic standing, and enrolled at least half-time. Student employment jobs.
Title IV Institution
An institution that has a written agreement with the Secretary of Education that allows
the institution to participate in any of the Title IV federal student financial assistance
programs (other than the State Student Incentive Grant (SSIG) and the National Early
Intervention Scholarship and Partnership (NEISP) programs).
Transportation
COA component to allow for travel expenses between school, residence, and place of
work, and other costs for transportation that are required as part of a student’s
program of study – not to include the purchase of a vehicle.
Tuition & Fees
COA component estimated based on tuition, mandatory fees, course, and program fees
for full-time enrollment.