Financial Aid - Glossary of Terms

 
 
 
 

Eligibility Criteria

To be considered for federal financial aid, you must meet all of the following requirements:

  • Maintain satisfactory academic progress;
  • Not owe a refund on any federal/state grant previously received at any institution;
  • Not be in default on any federal educational loan received from any institution;
  • Be a U.S. citizen or a permanent resident;
  • Be registered with the Selective Service, if applicable; and
  • Meet certain enrollment criteria.


Enrollment Status

  • Full-time enrollment is defined as twelve (12) hours of required course work.
  • All University Scholarships require full-time enrollment.
  • Federal educational loans require that you be enrolled at least half-time which is defined as six (6) hours. Audit hours are not acceptable for eligibility.


Financial Need

Financial Need is defined as the difference between the cost of attendance and the family contribution as established by the federal formula. Need will be met according to the aid programs applied for, the amount requested, eligibility for specific programs, and the availability of funds.


Financial Aid Package

This is a combination of different forms of financial aid that together make up your total award. A package may include any combination of the following:

Scholarships
Scholarships are gifts based upon varied criteria and do not require monetary repayment. Academic excellence, civic participation, college major, high school or college activities, and honors are just a few of the criteria used for selecting recipients. University scholarships are available for undergraduate traditional students. We encourage you to contact high school counselors and civic organizations, such as churches and businesses, for information on scholarships that are not administered by Financial Aid.

The Financial Aid Office posts information on outside scholarships on the bulletin board and sends out campus-wide emails to all registered students.

Grants
Grants are gift aid that is not repaid. Only undergraduates who have not previously received a bachelor’s degree are eligible. Grants are awarded to those who exhibit exceptional financial need and apply for aid by the priority filing date.

Loans
Loans are available to assist with educational expenses and must be repaid. Borrow with caution. Borrow only what is necessary to meet your educational needs.

Entitlements
Typically awarded on the basis of special circumstances, such as Social Security educational benefits, the G.I. Bill, or vocational rehabilitation, these awards have no repayment obligation.

Employment
These programs offer part-time on-campus and off-campus positions to help with educational costs. Jobs normally offer hourly work for hourly pay. Work schedules are built around your course schedule. (Apply for a job only if your academic program allows time.)


Award Notification

At the time of initial review, if a file is considered complete and all information is accurate, the University will evaluate your eligibility based on general requirements and specific program requirements and offer a financial aid package designed to best meet your needs. The University will consider you for the beneficial financial aid, such as grants, scholarships, and subsidized loans, before offering other types of aid, such as employment and unsubsidized loans. For programs with limited funding, applications received by the priority date are ranked in order of need and awarded until funds are depleted.

You will be notified of your award via a notification letter that will be mailed to your permanent home address.

The award notification letter lists the sources, amounts, and semesters for which assistance is offered to you.

Students must notify the Financial Aid Office if they wish to decline all or any portion of the award.