College Admissions Expert Elizabeth Levine: Terms for Financial Aid


Make text smaller Make text larger



Photos



  • Elizabeth Levine



What are some frequently used terms and their meaning for federal financial aid for college?

Understanding financial aid for college can be complicated but knowing the basic terms and their associated definitions can go a long way in beginning to peel away the onion to this topic. Below are some frequently used terms that I hope will help in your endeavor to being to understand this important piece of the college admissions process.

EFC: Expected Family Contribution. Amount that is calculated through the FAFSA that a family can afford to put towards their child's college costs. This calculation is typically more than you think you can afford and is based on a complex calculation that involves many different facets of the parents and child's financial picture.

COA: Cost of Attendance. This is the cost of one years college expenses for a particular school, which includes tuition and fees, room and board, estimated personal expenses, books and supplies and travel. Need: Difference between the COA and a families EFC.

Award Letter: Letter sent from a college that states what financial aid is being awarded to the student, which includes grants, scholarships and loans. You don't need to accept all forms of aid and it is possible to go back and negotiate with the Financial Aid Officer (FAO) if all of your need is not met. There is no guaranty that they will adjust the award.

Subsidized Student Loan: Federal government is paying the interest while the student is enrolled at least part time. Once the student is out of school for 6 months interest begins to accrue.

Unsubsidized Student Loan: Students/Parents are being charged interest as soon as the loan is disbursed. Payments do not need to be made until after the student is out of school for 6 months.

• Federal (Stafford) Subsidized and Unsubsidized student loan rate is currently 3.86%. Maximum loan amounts are below:

Year Max Loan Max Subsidized 1 $5,500 $3,500 2 $6,500 $4,500 3&4 $7,500 $5,500

PLUS Loan: Federal loan that parents can use to help pay for college with an interest rate of 6.41%. The US Department of Education is the lender and the borrower must not have adverse credit history. Repayment begins as soon as the loan is disbursed. If you have any questions about the college admissions process or the above information please do not hesitate to contact me at info@signaturecollegecounseling.com or by phone, 845.551.6946.

Elizabeth Levine
Signature College Counseling is an Orange County, Hudson Valley based company
that works one on one with students and their families in navigating the admissions process so you attend the college that is right for you.
845.551.6946
Ask The College Admissions Expert a Question
www.signaturecollegecounseling.com

Make text smaller Make text larger

More From The Ask The Expert

  • Firearms Safety Expert Jimmy Cosenza: Preparing Firearms
  • Quickbooks Expert Rochelle Dejong: Benefits
  • College Admissions Expert Elizabeth Levine: College Essay Writing
  • Quickbooks Expert Rochelle Dejong: Working in Office
  • College Admissions Expert Elizabeth Levine: Net Price Calculator
  • Quickbooks Expert Rochelle Dejong: Software
  • College Admissions Expert Elizabeth Levine: Evaluation in the College Admission Process
  • Quickbooks Expert Rochelle Dejong: Outsourcing
  • College Admissions Expert Elizabeth Levine: Demonstrated Interest
  • Quickbooks Expert Rochelle Dejong: Income Tax Preparation
  • College Admissions Expert Elizabeth Levine: Tax Returns and Financial Aid
  • Quickbooks Expert Rochelle Dejong: Outsourcing your Accounting
  • College Admissions Expert Elizabeth Levine: Paying Back Student Loan Debt
  • College Admissions Expert Elizabeth Levine: FAFSA Mistakes
  • College Admissions Expert Elizabeth Levine: FAFSA
  • College Admissions Expert Elizabeth Levine: ACT vs. SAT
  • College Admissions Expert Elizabeth Levine: SAT Scores vs. ACT Scores
  • College Admissions Expert Elizabeth Levine: Preparing for College Visits
  • College Admissions Expert Elizabeth Levine: Best Paying Careers
  • College Admissions Expert Elizabeth Levine: Saving for Your Child's Education
  • College Admissions Expert Elizabeth Levine: Financial Aid Deadlines
  • College Admissions Expert Elizabeth Levine: Preparing to Apply to Colleges
  • College Admissions Expert Elizabeth Levine: College Cost vs. Earnings of Graduates
  • College Admissions Expert Elizabeth Levine: Financial Aid Myths
  • College Admissions Expert Elizabeth Levine: Help with Student Debt
  • College Admissions Expert Elizabeth Levine: Letters of Recommendation
  • Comments

    Pool Rules



    MUST READ NEWS

    Cheerleader Taylor Gutierrez named M-W 'Athlete of the Week'
    — Taylor Gutierrez, a member of the Monroe-Woodbury Varsity Cheerleading Team coached by Barbara AliDad, is the...
    Read more »
    Image

    Gabriele Tranchina to hold CD release party on Feb. 4 at Warwick Center for Performing Arts
    WARWICK — Jazz vocalist Gabriele Tranchina will appear at Warwick Center for the Performing Arts on Sunday, Feb. 4, to hold a CD...
    Read more »
    Image

    Firearms Safety Expert Jimmy Cosenza: Cleaning your Firearm
    As a general rule it is best to clean your weapon after very use, particularly if you use it regularly, this way you can be sure to see that no premature barrel wear or pitting is...
    Read more »
    Image

    College Admissions Expert Elizabeth Levine: Visiting Colleges
    If you are going to take the time and effort to go visit a college being sure that you gather all the information necessary for you to understand if that college is a good fit for...
    Read more »
    Image

    VIDEOS



    * indicates required
    Community Newspapers


    MOST COMMENTED



    Weather in Monroe, NY