Useful Terms

Below is an alphabetized list of terms and acronyms and their explanations that will be helpful when dealing with forms and information on applying to and researching information on colleges, universities and financial aid.

Acknowledgement
This is a form the College Scholarship Service sends to notify students that their financial aid statements have been processed.

BOGW
Board of Governor's Fee Waiver is a state-sponsored program that waives eligible California resident enrollment fees at California Community Colleges.

Cal Grant
Cal Grant (A, B, and C) are state grants awarded to students. These are gifts and do not need to be repaid.

Cal Vet
California Veterans' Dependents College Fee Waiver is a program that waives "state mandated" and per unit fees for qualified students. The waiver is applicable at any California Community College, California State University or University of California campus. Eligibility is determined by the County Veterans Service Office, not by the school. For more information regarding eligibility questions, contact the appropriate veterans service office.

CLAS
A California Loan to Assist Students may be obtained by parents, independent undergraduates, and graduates; repayment begins while in college. Apply through your college Financial Aid Office.

CSAC
California Student Aid Commission administers the Cal Grant program.

CSS
The College Scholarship Service is the agency that analyzes and reports to the state, federal government, and colleges on a student's expected family contribution.

FAA
The Financial Aid Administrator is your college financial aid officer.

FAFSA
The Free Application for Federal Student Aid is the form to be completed when applying for all forms of federal aid; i.e., Pell Grants, workstudy, and some loans; it is also one of the required forms for Cal Grants (state aid).

Federal Work Study
The Federal Work Study Program provides part-time jobs for students to earn money for college expenses. These jobs may be related to the student's major interest and may be on or off campus.

Financial Aid Profile
Financial Aid Profile is a form to be completed if required by the college of your choice. There is a fee for filing this form; however, there are fee waivers for eligible students.

Financial Need
Financial need is the difference between what it costs to attend a particular college and what the family is expected to contribute from its own resources (family contribution).

FSAIC
You may call the Federal Student Aid Information Center (FSAIC) for information on any federal student financial aid programs, from 8:00 a.m. to midnight eastern time at 800-4-FED-AID (800-433-3243) – toll free, or 800-730-8913 (TTY) – toll free for the hearing impaired. The FSAIC is not able to make policy, expedite the federal student aid application process, discuss your federal student aid file with an unauthorized person, or influence an individual school's financial aid policies.

GPA Verification Report
The Grade Point Average Verification Form must be filed with the California Student Aid Commission by March 2nd to be eligible for Cal Grant entitlement consideration.

Grant
A grant is a gift of money that does not need to be repaid.

NDSL
A National Direct Student Loan (Perkins Loan) is a very low interest loan made to families with high financial need. Apply through the college Financial Aid Office.

Package
The Financial Aid Package is an offer made from the college Financial Aid Office. This offer is usually a combination of scholarships, grants, loans, and workstudy.

Pell Grant
The Pell Grant is a federal grant available to any undergraduate student with high financial need.

Scholarship
A scholarship is money awarded to students who may have above average grades and/or special talents and abilities. Scholarships are gifts that do not need to be repaid. Financial need may or may not be a consideration.

SAR
The Student Aid Report is a report to the student from the Federal Processor indicating the students eligibility for Financial Aid.

Student Loan
Program Maximum loan amounts vary by program.

Federal Stafford Loans are need-based; the interest rate is variable, not to exceed 9%. No payments are made while attending school, however, six months after leaving school, dropping below half-time, or upon graduation, the borrower must begin to make payments on both the amount borrowed and the interest charged.

Federal Stafford Unsubsidized Loans are not need-based; interest payments begin immediately and regular payments start six months after the borrower ceases to be at least a half-time student.

Federal Supplemental Loans for Students(SLS) and Parent (PLUS) Loans. SLS is available for independent students and to dependent undergraduates when exceptional circumstances exist. PLUS is available to creditworthy parents of dependent students. SLS and PLUS each have a variable interest rate, not to exceed 11% for SLS and 10% for PLUS.

Student Expense Budget
This is the total cost of attending college. The student expense budget varies depending upon whether the student lives at home, in the dormitory, or off campus.