Friday, December 19, 2014

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Glossary

Ability to Benefit (ATB): The requirement that each student must be able to benefit from college attendance. For financial aid purposes, applicants must have either received a high school diploma, or general education diploma (GED), or taken and passed an assessment test approved by the government.

Default Loan: The student failed to make required loan payments or did not follow the terms of the loan and has been reported to the Department of Education and to credit bureaus. Defaulting on a federal student loan will block the student from receiving any future Federal financial aid until the payments or terms are brought up to date.

Cost of Attendance: Southwestern College estimates what it will cost to attend school. The estimate is referred to as the budget.

Dependency Status:

Dependent: A student who has been financially dependent upon his/her parent(s) and does not meet independent criteria on the Free Application for Federal Aid (FAFSA) application. Eligibility is based on the student's and parents' information.

Independent: Any student who is financially self-supporting and meets the Independent criteria on the Free Application for Student Aid application. Eligibility is based on student's (and spouse's) information

Eligible Non-U.S. Citizen: The student is a citizen of a country other than the United States but has been approved for residence in the U.S. and can provide proof that he/she carries an eligible form of non-citizen identification.

Entrance/Exit: A financial aid counseling session on loan repayment and debt management.

Expected Family Contribution (EFC): The amount that indicated how much of your family's financial resources should be available to help pay for school during an academic year. Factors such as taxable and nontaxable income, assets (such as savings and checking accounts), and benefits (such as Unemployment or Social Security) are all considered in this calculation.

Free Application for Federal Student Aid (FAFSA): An application used to apply for financial aid programs offered by the federal government; i.e., Federal Pell Grant, FSEOG, FWS, and Federal Stafford Loan.

Financial Aid Transcript (FAT): A record of whether or not financial aid was received while attending college. All students who transfer to Southwestern College must request a transcript from each school they have attended.

Federal Supplemental Educational Opportunity Grant (FSEOG): A federal grant intended to supplement other forms of financial aid to the most financially needy students.

Federal Work-Study (FWS): Financial aid that is awarded to the student in the form of a part-time job for students to earn money for college expenses.

Grant: A type of need-based financial aid that does not have to be repaid.

Hold: A situation when the institution prevents a student from receiving a Financial Aid check. For example: A delinquent debt owed to Southwestern College a document required by the Financial Aid Office that the student has not yet submitted.

Information Sheet: A financial aid form that requires supplemental information, which was not asked for, on the Free Application for Federal Student Aid (FAFSA).

Loan: Money borrowed to pay for educational expenses that must be repaid with interest.

Petition: A formal written request that extenuating circumstance is considered when the Financial Aid Office evaluates a student's file. Student may be required to petition if he has earned more than 72 total college units, an AA degree, a bachelor's degree, or if they have not been meeting the terms of Satisfactory Academic Progress (SAP).

Residency: Based on the Admissions Office criteria for determining a student's status as a California Resident, an out of state student, or a foreign student. This determination affects the type and amount of Financial Aid eligibility. For example, out of state students may be eligible for federal aid but are not eligible for Financial Aid given by the state of California.

Retroactive: For Financial Aid, this refers to any aid payment due a student after a scheduled check disbursement date has passed. For example, the Pell Grant Award is normally disbursed in two scheduled payments (one shortly after the start of the semester and then again halfway through the semester). A student who has attended the fall semester and was eligible to receive a Pell Grant Award, but was not awarded until that December would receive the entire Pell Grant Award retroactively.

Satisfactory Academic Progress (SAP): To be eligible to receive federal student aid at Southwestern College, a student must complete all units for which they are paid Financial Aid and maintain a 2.0 grade point average. Student must also have a declared major, or have an objective on file with the Admissions and Records Office and be taking classes which meet the objective.

Scholarship: A competitive grant awarded based on grades or awards and other achievements (may or may not be based on financial need).

Selective Service Registration: Certain students are required to register, or arrange to register, with the military draft in order to receive federal student aid. This applies to males who were born either on or after January 1, 1960, are at least 18 years of age, a U.S. citizen or eligible non-citizen, and not currently on active duty in the armed forces.

Separated Marital Status: A separated student is one who is married but is currently living in a separate residence form his/her spouse and intends to file for a divorce.

Student Educational Plan (SEP): The section on a petition which requires information on the student's academic goal and the classes he/she will take to reach that goal.

Specialist: A Financial Aid Specialist works with the students on special circumstances or problem: He/she evaluates student files and Satisfactory Academic Progress and determine eligibility.

Supplemental Documentation: Forms and statements required by the Financial Aid Office to support and prove information reported on the Free Application for Federal Student Aid (FAFSA).

Tracking Letter: A computer-generated letter from the Financial Aid Office which notifies a student of documentation required for his/her financial aid file.

Unmet Need: The difference between a student's budget and his/her contribution. The maximum amount of aid a student is eligible to receive. In most cases, there is not enough financial aid available to cover this amount.

Verification: The process of documenting information reported on the Free Application for Federal Student Aid.

W-2 Form: A statement of a year's earned wages which employers must issue to an employee shortly after January 1 the following year. The W-2 Form is most often attached to Income Tax Returns to show proof of earned wages to the State and Federal Income Revenue Services.

Walk-in: A situation where specialists meet with students on a first-come, first-served basis during a specified block of time.