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Cohort Default Rate: The percentage of a school's borrowers in the US who enter repayment on certain federal loans during a federal fiscal year and default prior to the end of the next one to two fiscal years.
Enrollment Status: Academic workload (or course load), as defined by the institution, in which a student is enrolled for a defined academic period. This normally relates to the number of credit hours or clock hours taken by a student during a given academic period (e.g. full-time, three-quarter-time, half-time, less-than-half-time).
For most clock hour schools full-time enrollment equates to at least 24 clock hours per week.
Expected Family Contribution (EFC): An eligibility index that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school. The EFC is calculated according to a formula specified in law and is based upon the information provided by the student and their family on the Free Application for Federal Student Aid (FAFSA).
Federal Pell Grant: A federal grant provided by the federal government to undergraduate students who demonstrate exceptional financial need and have an Expected Family Contribution below a certain threshold established by the federal government. The Pell Grant [offer] amount is prorated based on Enrollment Status.
Federal Supplemental Educational Opportunity Grant (FSEOG): A federal grant [offered] by the institution to qualified undergraduate students who demonstrate exceptional financial need. Priority is given to Federal Pell Grant recipients.
Federal Work-Study (FWS): A federal program offered and administered by the institution that provides opportunity for part-time employment to students with financial need to help pay their educational expenses. Students are responsible for finding qualified employment. Funds are paid out through a paycheck, as earned.
Gift Aid: Funds [offered] to the student that do not have to be repaid, unless the student fails to meet certain criteria, such as a service requirement that is specified as a condition of the gift aid or not completing the period for which the aid was [offered]. Gift aid can include [offers] with titles such as grants, scholarships, remissions, awards, waivers, etc. Gift aid can be [offered] based upon many factors, including (but not limited to) financial need, academic excellence, athletic, musical, and/or theatrical talent, affiliation with various groups, and/or career aspirations.
Iraq and Afghanistan Service Grant (IASG): A federal grant to qualifying students with a parent or guardian who died as a result of U.S. military service in Iraq or Afghanistan after September 11, 2001. If a student is eligible for a Federal Pell Grant, he or she cannot receive an IASG.
Mav Grants: These grants are designated to pay tuition and fees and are available to both graduate and undergraduate students with demonstrated financial need who are bona fide Texas residents. At least half-time enrollment is required to qualify for a disbursement, and undergraduate grants prorate based on enrollment.
Program Level: Level of the degree-granting program in which a student is enrolled. Program levels may include: undergraduate (students seeking an associate degree, an undergraduate certificate, or a baccalaureate degree); post-baccalaureate (such as teacher certification); or graduate (students working on a master's degree, graduate certificate, doctorate, or professional degree). The amounts and types of financial aid for which a student is eligible is determined, in part, by their program level.
Teacher Education Assistance for College and Higher Education (TEACH) Grants: Federal grants for undergraduate and graduate students, [offered] in exchange for specific future teaching service in designated high-need fields and low-income elementary and secondary schools. If a student does not complete the required teaching service, the grant becomes a Federal Direct Unsubsidized Loan that must be repaid.
TEXAS Grants: These grants are available to undergraduate students who meet both specific academic criteria as well as demonstrated financial need based on available funding. Eligible students must be Texas residents, graduate from a public or accredited private high school in Texas no earlier than Fall 1998 or receive an Associate degree in May 2001 or later, must complete the recommended high school curriculum or its equivalent, and must not be convicted of a felony or a crime involving a controlled substance.
Texas Public Education Grants (TPEG): These grants are designated to pay tuition and fees and are available to both graduate and undergraduate students with demonstrated financial need. At least half-time enrollment is required to qualify for a disbursement, and undergraduate grants prorate based on enrollment.
Unmet Need: The student's Cost of Attendance, minus their Expected Family Contribution or Family Financial Responsibility (if applicable), less any need-based aid received, such as Gift Aid, Federal Work-Study or Federal Direct Subsidized Loans.
Verification: A federally mandated process to confirm the accuracy of data provided by selected applicants on the Free Application for Federal Student Aid (FAFSA). To complete the verification process, the student, their parent(s), or spouse, if applicable, are required to provide certain documents to the school for review. If the documentation the student provides the institution doesn't match what was reported on the FAFSA, verification can result in changes to the student's financial aid eligibility, and/or financial aid offers.
A portion of the terms listed above were referenced from Nasfaa.org.