GLOSSARY (continued)
Financial Aid Terms CSS (College Scholarship Service) PROFILE — CSS is the financial aid division of the College Board. It administers the PROFILE. Many colleges, universities, graduate and professional schools, and scholarship programs use PROFILE to help them award institutional nonfederal student aid funds. PROFILE becomes available online October 1. Many early action and early decision schools use PROFILE so that they can estimate the financial aid packages for those students accepted under those programs. Students must submit the CSS PROFILE online at cssprofile.collegeboard.org. EFC (Expected Family Contribution) — The EFC is the amount of college costs that FAFSA or PROFILE ultimately determine that a family can pay after assessing the family’s need. FAFSA (Free Application for Federal Student Aid) — One of the two forms used by colleges to determine a student’s financial need, the FAFSA must be submitted no sooner than October 1 and no later than February 15. (We strongly recommend that all financial aid forms be submitted by February 1.) Students should submit the FAFSA online at www.fafsa.ed.gov. Financial Aid Package — This term refers to the total amount of aid that the student receives. Federal and nonfederal aid, such as loans, grants, or work study, are combined in a package to help meet the student’s need. Grant — Grant refers to the part of the student’s financial aid package that does not need to be repaid. Net Price Calculator - In October 2011, College Board introduced The Net Price Calculator (NPC) to help families estimate the actual cost, or “net price,” to attend a particular college or university. Fill out a NPC at each school; NEVER assume awards will be the same even at schools with similar policies. The NPC is most useful to parents with W-2s and less useful for divorced/separated families or families that own a business. Writes the College Board: “Net price is the difference between the ‘sticker’ price (full cost) to attend a specific college, minus any grants and scholarships for which you may be eligible. Sticker price includes direct charges (tuition and fees, room and board) and indirect costs (books and supplies, transportation, and personal expenses).” Pell Grant — This is a need-based federal grant awarded to students who qualify after completing the FAFSA. Even if a student does not qualify for the grant, the Student Aid Index Number which every applicant receives can open other financial aid possibilities. Perkins Loan — A federal loan program based on need. Loan applications are made through the college financial aid office. Not all schools participate in the Perkins loan program.
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