Understanding Your Aid Offer

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Cost of Attendance: Your estimated cost of attendance includes direct costs (expenses paid directly to the college), and indirect costs (expenses incurred as a result of attendance that the student/family may pay to a third party (landlord, etc.) other than the college.

Federal Direct Student Loan: Loan funds provided to the student by the U.S. Department of Education, through the school. Repayment of principal begins six months after the borrower ceases to be a student on at least half-time basis. The Free Application for Federal Student Aid (FAFSA) is the annual application. There are two types of Federal Student Direct Loans: subsidized and unsubsidized. Students with financial need can qualify for a subsidized loan, and the government pays the interest on the loan while the student remains enrolled at least half time. Students who don’t demonstrate financial need qualify for an unsubsidized loan and interest accrues while the student is in school. Student must complete Entrance Counseling and the Master Promissory Note to receive disbursements.

Federal Parent Loan (PLUS): A federal loan program that allows parents who have no adverse credit history to apply for up to the Cost of Attendance each year, less any financial aid. PLUS loans must be repaid with interest.

Federal Pell Grant: A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need and have an Expected Family Contribution (EFC) below a threshold designated annually by the U.S. Department ofEducation, based on the amount of program funds appropriated by Congress. Must complete FAFSA annually for renewal consideration.

Federal Supplemental Educational Opportunity Grant (FSEOG): A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need. Priority is given to Pell Grant recipients and funds must be awarded by the school in lowest EFC order. Awarding is contingent upon funding and may not be renewed year to year.

Federal Work-Study (FWS): A program that provides part-time employment to students attending institutions of higher education who need the earnings to help meet their costs of postsecondary education and encourages students receiving FWS assistance to participate in community service activities. Awarding is contingent upon funding and may not be renewed year to year.

Gift Aid: Funds awarded to the student that do not have to be repaid, unless the student fails to meet certain terms, such as a service requirement, specified as a condition of the grant. Gift aid includes awards with titles such as grants, scholarships, remissions, waivers, etc. Gift aid can be awarded based upon many factors, including (but not limited to) financial need, academic excellence, athletic, musical, and theatrical talent, affiliation with various groups, or career aspirations.

Net Cost: Amount of direct and indirect costs remaining after all gift aid (scholarships and grants) is subtracted.

Remaining Cost: Amount of direct and indirect costs remaining after all gift aid (scholarships and grants) and self-help aid (loans and federal work-study) or other funding sources are subtracted.

Remaining Need: Difference between the institution’s Cost of Attendance and the student’s Expected Family Contribution (EFC).

Satisfactory Academic Progress (SAP): To be eligible for federal funds (Pell, FSEOG, Direct Loans, etc.) students must make satisfactory academic progress, meaning you are continuing to complete courses and maintain a required GPA based on your credit level.

Scholarship: A type of gift aid awarded to the student that does not need to be repaid. Scholarship awards are typically based on merit or a combination of merit and need, such as academic excellence, talent, affiliation with various groups, or career aspirations. To be eligible for renewal of certain scholarships, the student may be required to maintain a specific Grade Point Average (GPA)or enrollment status. Please reference the student financial aid website to see the guidelines for the specific scholarship awarded.

Self Help Aid: Financial aid in the form of loans or student employment. Loans can be used to pay the remaining net costs after gift aid is deducted. Student employment earnings (including Work-Study awards) are generally not deducted from billed costs but can be used to help you cover indirect costs and are paid in the form of wages to students. 

State Grant: State funded program provides grant from to State residents who demonstrate the highest level of financial need as determined by the results of the FAFSA. Amount varies and is based on enrollment status.

Additional renewal requirements and aid information available at http://www.marywood.edu/fin_aid.